Market Hustle: Stock Futures Gain as International Markets Rally; Pfizer Advances
NEW YORK (TheStreet) -- Stocks futures were pointing higher Monday after Wall Street rallied on Friday and international markets gained ground.
- Dow Jones Industrial Average futures were gaining 48 points, or 39.66 points above fair value, to 16,575. S&P 500 futures were up 6.25 points, or 5.52 points above fair value, to 1,879.75. Nasdaq futures were adding on 18.8 points, or 16.1 points above fair value, to 3,566.8.
- Federal Open Market Committee voting member and Philadelphia Federal Bank President Charles Plosser will give a speech on labor and economic trends at 12 p.m. EDT. The Treasury Budget report for April will be released at 2 p.m.
- International stocks were largely ticking higher. The FTSE 100 was crawling up 0.37%. The DAX in Germany was tilting 0.94% higher. The Nikkei 225 fell 0.35% while the Hong Kong Hang Seng gained 1.82% and the Shanghai Composite jumped 2.08%. Chinese shares gained on Monday after the State Council unveiled a new capital-markets reform plan.
- European traders were shrugging off news that pro-Russian separatists in eastern Ukraine claimed victory in a secession referendum over the weekend. Russia said it respects the vote.
- June crude oil futures were spiking on expectations that Russia could face harsher sanctions as EU foreign ministers met in Brussels to discuss the possibility.
- Stocks rallied in the final hour of trading on Friday, boosting the Dow to an all-time closing high. For much of Friday, stocks had been trading sideways as small caps approached correction territory.
- "There are pockets where we could potentially see misvaluations in smaller-cap stocks, but overall those broad metrics don't suggest that we are in obviously bubble territory," noted Ed Yardeni, president and chief investment strategist at Yardeni Research.
- In corporate headlines, Pfizer (PFE) was gaining 0.62% and AstraZeneca (AZN) was advancing 0.95% as Pfizer posted videos online this weekend in its latest effort to win over critics of its proposed purchase of AstraZeneca.
- Pinnacle Foods (PF) was soaring more than 20.5% after agreeing to sell itself to Hillshire Brands (HSH) for about $4.3 billion in cash and stock. Hillshire Brands was up more than 3%.
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