US stocks were mixed in premarket trading after strong economic data released last week. S&P 500 futures were almost flat while Nasdaq 100 index futures edged slightly higher. Dow Jones futures slipped ahead of US CB Consumer Confidence.
S&P 500 Stance
The S&P 500 index closed in higher on Friday after better-than-expected Personal Consumption Expenditure (PCE) price index data. The US economy is staged for a sooner than expected economic recovery.
The personal consumer expenditure for May jumped 3.9% YoY in May. It hit analysts estimated forecast. This was the biggest increase since August 2008. Government bond yields were also up.
The core personal consumption price index reflects the rate of economic expansion. This makes it the Fed’s favorite and most important numbers.
The 10-year Treasury yields edged down to 1.517% on Monday from 1.535% on Friday. Bitcoin was up by more than 5% to $34,075.90. Brent-crude futures slipped 0.3% to $75.14 per barrel.
The US economy is expected to surge after a bipartisan group of senators agreed to a $1 trillion infrastructure deal. This will fund major projects like airports, bridges, transit networks and roads. This deal will drive the total stimulus spending for 2021 to more than $3.8 trillion.
The S&P 500 index will react to the US CB Consumer Confidence for June on Tuesday. The Consumer Confidence for May was on a standstill following an increase in April. Analysts expect the Consumer Confidence for June to close in higher at 119.0 from the previous 117.2 in May.
Economists are eyeing the US ADP Nonfarm Employment Change for June which will be released later in the week. Analysts anticipate a decline in employment numbers in June. The numbers are expected to decrease from 978,000 to 600,000.
Intellia Therapeutics was the best performer in pre-market trading. The biotechnology company gained 57.81% in its stock prices. The company and its partner Regeneron announced positive results in its study of a treatment for a disease called transthyretin amyloidosis.
Perion Network gained 9.9% in the premarket trade. The company recorded a strong second-quarter earnings and a rise in its full-year forecast.
NRG Energy was up by 2.36% in pre-market trading. The company was added to the Conviction Buy list at Goldman Sachs. This saw its price target on the stocks rise to $57 per share from $46.
On the flipside, Boeing shares fell 1.26% in the premarket. According to the Federal Aviation Administration, Boeing had numerous technical issues that needed to be set straight.