Investors Watching Banks & Disney-Fox Deal, Futures Rise

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Wall Street was on track to open a tad higher on Thursday as investors had their eyes on the $52.4 billion stock deal between Walt Disney and Twenty-First Century Fox as well as gains in the shares of large banks.

During premarket trading, shares of Rupert Murdoch’s Fox rose by 2.9 percent after Walt Disney agreed to purchase Fox’s film, television as well as its international businesses. Disney shares increased by 1 percent.

Shares of Goldman Sachs, JPMorgan, Wells Fargo and Bank of America increased between 0.34 percent and 1 percent prior to the market’s open.

On Wednesday, bank stocks dropped regardless of the interest rate hike by the Federal Reserve, while hung onto its rate outlook for the next two years unchanged while raising gross domestic product growth projections.

On Wednesday, Republicans in the Senate and the House of Representatives came to an agreement on the final tax legislation.  This move paved the way for next week’s final votes on a bill that would cut the corporate tax rate to 21 percent.

On Thursday, The Bank of England left its interest rates unchanged at 0.5 percent, while later in the day the European Central Bank is expected to announce its policy decision.


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A Commerce Department report is expected to reveal retail sales increased 0.3 percent in November, after increasing 0.2 percent the month prior, while the weekly initial jobless claims are predicted to have increased by 3,000 to 239,000. The reports are scheduled for 8:30 a.m ET.

U.S.-listed shares of Valeant dropped 5.2 percent after JP Morgan reduced the stock’s rating to ‘underweight’.

Dow e-minis increased by 32 points, or 0.13 percent, with 5,158 contracts trading.

S&P 500 e-minis increased by 1.5 points, or 0.06 percent, with 51,481 contracts traded.

Nasdaq 100 e-minis increased by 7.75 points, or 0.12 percent, with 5,269 contracts traded.

 

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