U.S. stock futures were trading flat Tuesday after the July 4 weekend and strong gains last week as investors await the May factory order data.
On the economic front, data on May factory orders is expected to be released at 10 a.m. EST.
Ahead of the opening bell, Dow industrial average futures were trading higher by 2 points, or 0.02 percent, to 12,516. Nasdaq 100 futures stood at 2,359.25, up 4 points, or 0.17 percent. Standard and Poor's 500 futures were trading lower by 2.80 points, or 0.21 percent, to 1,332, today.
Hot Stocks of the Day: SUG, ETE, OMG, BLUD, PFE
Southern Union Company (NYSE: SUG) shares rose 3.17 percent to $41.65 in the pre-market trading Tuesday, after Energy Transfer Equity LP (NYSE: ETE) raised its offer to acquire SUG, whose board has voted unanimously to accept the offer. Shares of ETE last traded at $44.68, down 0.28 points, or 0.62 percent, on Friday.
OM Group Inc. (NYSE: OMG) has agreed to acquire Vacuumschmelze GmbH & Co. KG of Hanau, Germany, a maker of advanced materials and specialty magnetics, for $1.01 billion (700 million euros), including $50 million in common stock equity. Shares of OMG last traded at $40.85, up 0.52 percent, on Friday.
Investment fund managed by TPG Capital has agreed to acquire Immucor Inc. (Nasdaq: BLUD), a maker of automated instrument-reagent systems to the blood transfusion industry, in a transaction valued at $1.973 billion. Shares of Immucor, are expected to soar after the news. The last trading price of the stock was $20.73, up 1.52 percent, on Friday.
Shares of Pfizer Inc. (NYSE: PFE) could come under pressure after a report suggested that its drug Chantix, a drug used to help cigarette smokers give up the habit, has been linked to a 72 percent increase in the risk of heart problems including stroke and congestive heart failure. Shares of PFE were trading lower by 0.34 percent to $20.68 in pre-market trading.
Global Markets: FTSE, CAC40, DAX, Nikkei 225, Straits Times, Hang Seng, Shanghai Composite Index, BSE 30
Asian markets closed mostly lower today. Among the gainers were, Japan's Nikkie 225, which closed at 9,972.46, adding 7.37 points, or 0.07 percent; and China's Shanghai Composite Index, which added 3.54 points, or 0.13 percent to 2,816.35. Among the decliners were, India's BSE 30, closing lower by 69.92 points, or 0.37 percent, to 18,744.56, Singapore's Strait Times, losing 23.75 points, or 0.75 percent, to 3,129.69; and Hong Kong's Hang Seng, closing lower by 22.52 percent, or 0.10 percent, to 22,747.95.
The European indexes were trading mixed mid-day Tuesday. Britain's FTSE 100 was trading higher by 8.92 points, or 0.15 percent, to 6,026.46; and Germany's DAX was trading at 7,458.31, up 15.35 points, or 0.21 percent. On the other hand, France's CAC40 was trading lower by 14.46 points, or 0.36 percent, to 3,988.65;
Oil rise despite stronger dollar
Ahead of the opening bell, crude oil was trading lower by 0.76 points, or 0.80 percent, to $95.70 per barrel. Gold stood at 1,502, up 19.70 points, or 1.33 percent, on Tuesday.
In the currency market, the euro was trading lower by 0.46 percent to 1.4474 against the U.S. dollar. The dollar was trading higher at ¥81.1250, adding 0.47 percent against JPY. The British pound is also trading higher by 0.12 percent to $1.6114 against the dollar on Tuesday.
On Friday, Wall Street closed higher. The Dow Jones industrial average closed up by 168.43 points, or 1.36 percent, to settle at 12,528.77. The Standard & Poor's 500 added 19.03 points, or 1.44 percent, to 1,339.67. The Nasdaq closed at 2,816.03, adding 42.51 points, or 1.53 percent.