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US STOCKS-Futures rise, retailers draw interest on Cyber Monday
November 27, 2017 / 12:45 PM / 16 days ago

US STOCKS-Futures rise, retailers draw interest on Cyber Monday

* Futures up: Dow 25 pts, S&P 2.25 pts, Nasdaq 6.25 pts

By Sruthi Shankar

Nov 27 (Reuters) - U.S. stock index futures edged higher on Monday, with a bounce in retail stocks on Cyber Monday and the almost $2 billion-dollar buyout of publisher Time helping early sentiment among investors.

* Shares of Amazon, Target, Wal-Mart and Macy’s rose on Cyber Monday, the busiest day of the year for internet shopping, adding to gains for some stocks on Friday.

* Time Inc jumped more than 10 percent after media company Meredith said it would buy the publisher of People, Sports Illustrated and Fortune magazines in a $1.84 billion all-cash deal.

* Shares of intellectual property licensor Marathon Patent soared another 80 percent ahead of an investor call where it is expected to provide updates on its deal to buy cryptocurrencies miner Global Bit Ventures.

* Bitcoin is a few percent away from hitting $10,000 for the first time, after gaining more than a fifth in value over the past three days.

* Technology stocks led the S&P 500 and Nasdaq to record high closes on Black Friday.

* Data is expected to show sales of new U.S. single-family homes fell 6.3 percent to 625,000 units in October. The report is the first among a raft of data ranging from gross domestic product, inflation, manufacturing to automobile sales that could offer more evidence on economic growth.

* Federal Reserve Bank of New York President William Dudley and his Minneapolis counterpart Neel Kashkari are expected to make appearances later in the day.

* Among decliners, oil prices slipped, with U.S. crude easing from two-year highs on expectations of increased output.

* Western Digital shares fell after Morgan Stanley downgraded the chipmaker’s stock to “equal-weight”, citing deteriorating prices for some products and uncertainty over a joint venture with Toshiba Memory.

Futures snapshot at 6:53 a.m. ET:

* Dow e-minis were up 25 points, or 0.11 percent, with 19,036 contracts changing hands.

* S&P 500 e-minis were up 2.25 points, or 0.09 percent, with 133,922 contracts traded.

* Nasdaq 100 e-minis were up 6.25 points, or 0.1 percent, on volume of 24,943 contracts. (Reporting by Sruthi Shankar in Bengaluru)

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