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Pre-U.S. Session Market Overview – U.S. stocks poised for mild gains ahead of the open…

Top 3 Pre-Market Headlines for August 23, 2016

  • U.S. stocks poised for mild gains ahead of the open…

  • European Stock Markets rally…

  • Oil prices continue to plummet

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U.S. stocks poised for mild gains ahead of the open…

U.S. stock futures are up by more than 0.2% across the major indexes after PMI readings in Europe helped calm fears of a Brexit shock. Indicatively, the Dow 30 futures added 0.2 percent to last trade at 18564.0, the S&P 500 futures strengthened 0.2 percent at 2186.25 while the Nasdaq were last seen trading almost 0.3 percent higher at 4824.50 as of 11:55 GMT.

In other important Market news shares of Best Buy soared after announcing better than expected profit results with comparable sales increasing 0.8% in Q2. The retailer saw domestic comparable online sales spike 24% during the quarter, raising its outlook for Q3 EPS to $0.43 to $0.47 vs. $0.45 consensus. The company’s shares are soaring and have already added +15.12 percent premarket at $37.76.

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European Stock Markets rally…

European shares advanced as commodity producers rebounded on higher metals prices. Indicatively, Germany’s DAX index added 0.8 percent to last trade at 10576.50 while U.K.’s FTSE advanced 0.7 percent to last trade at 6873.00. France’s CAC 40 strengthened 0.7 percent at 4421.00, the Euro Stoxx 50 added 1.1 percent at 2991.00 while Spain’s IBEX hiked 0.9 percent at 85734.50 as of 12:00 GMT. Uncertainty over the timing of the next U.S. rate increase is exacerbating the concerns regarding the efficacy of European Central Bank stimulus to spur growth amid political turmoil.

 

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Oil prices continue to plummet

Oil prices are lower again as the market digests reports indicating that Iraq is preparing to ramp up its export levels. Strong oil output out of China and a new ceasefire with militants in Nigeria are also pressuring Oil Prices which continued to plummet today. Goldman Sachs has also warned that August’s price rally had been overblown and that even a proposed oil production freeze at current near-record levels would not help rein in an oversupplied market. In today’s energy markets Crude Oil prices tumbled by 0.6 percent to last trade at $47.11 while Brent oil prices retreated 0.8 percent to last trade at $48.78 as of 12:00 GMT.

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This post first appeared on Bull Markets Blog — Fearless Trading, please read the originial post: here

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Pre-U.S. Session Market Overview – U.S. stocks poised for mild gains ahead of the open…

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