Stock Futures Flat, EU Nicks Apple, Amazon; This Drug Maker Spikes | Stock News & Stock Market Analysis

Stock futures took up a tightly mixed stance early Wednesday, as investors awaited monthly jobs data from ADP and Apple (AAPL) and (AMZN) felt pressure from European regulatory actions.

XAutoplay: On | OffFutures were effectively flat, trading in a narrow band with the Dow Jones industrial average futures a fraction higher and S&P 500 and Nasdaq 100 futures trading just below the breakeven line.

EU Pursues Apple, Amazon; China Names Rise

Apple dropped 0.5%, the deepest early loss among Dow industrial stocks. The stock continues to lag below its 10-week moving average, as well as the 156.75 buy point from which it has been struggling to clear since early August. also faded 0.5%, after European Union regulators ordered the Luxembourg government to recoup $294 million in taxes from Amazon, taxes that had been waved as part of a financial incentives program.  The Eu also said it was pursuing Ireland to assess a similar charge against Apple.

Amazon has been meeting resistance at its 10-week moving average, unable to start up the right side of a two-month flat base.

Netflix (NFLX) led the FANG stocks for a second day, after ending Tuesday 6% below a 190.05 buy point in a two-month cup-with-handle base.

China-based names showed some of the strongest premarket moves among IBD 50 stocks, boosted by another strong session in Hong Kong. Hong Kong’s Hang Seng index rose 0.8% Wednesday, putting it ahead 3% so far for the week and less than 2% from a 10-year high. Hong Kong markets will close on Thursday. China’s markets in Shanghai and Shenzhen and a number of other Asian markets remain closed all week on holiday.

IBD 50 name Tal Education (TAL) added more than 1% ahead of the open. The stock is worrking on its 15th advance in the past 16 weeks, leaving it extended after a breakout from a flat base in July.

Social networking platform YY (YY) rose 0.8%. The stock is also extended, trading almost 9% above an 83.10 flat base buy point after a Sept. 26 breakout.

Mylan (MYL) spiked 13% in premarket trade. The drugmaker announced late Tuesday the Food & Drug Administration had approved the company’s generic version of copaxone, a treatment for relapsing forms of multiple sclerosis. Mylan ended Tuesday 58% below an April 2015 high.

Coming Up: ADP Report, 2 Services Indexes

In economic news, ADP releases its September National Employment Report at 8:15 a.m. ET, beginning the run up to the Labor Department’s payrolls report on Friday. Researcher Markit releases its September services at 9:45 a.m. ET, followed by another services index from the Institute for Supply Management at 10 a.m. ET.

St. Louis Federal Reserve Bank President James is scheduled to speak at 3 p.m. ET, Federal Reserve Chair Janet Yellen speaks at 3:15 p.m., both at the Community Banking in the 21st Century Conference in St. Louis.


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Originally posted 2017-10-04 14:11:25.


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