MARKET SNAPSHOT: U.S. Stock Futures Struggle To Push Higher As Brexit Concerns Persist

By Ellie Ismailidou and Carla Mozee, MarketWatch

Yahoo shareholders to meet; Lions Gate to be purchased

U.S. stock futures struggled to make substantial headway Thursday, as investors assessed whether markets have calmed down after the U.K.'s Brexit vote prompted a rout followed by a rebound.

A pullback in crude-oil prices weighed on sentiment, but a reading of initial U.S. jobless claims (http://www.marketwatch.com/story/jobless-claims-climb-10000-to-268000-2016-06-30)that showed that the pace of layoffs nationwide remained extremely low supported risk appetite.

Investors awaited a speech by a key Federal Reserve policy maker, St. Louis Fed President James Bullard.

Futures for the Dow Jones Industrial Average were up 6 points to 17,630, and futures for the S&P 500 index were up less than a point to 2,067. Nasdaq-100 futures rose 2 points, or less than 0.1%, to 4,364.

Futures had turned slightly higher earlier Thursday after struggling in the red alongside crude-oil prices. Oil prices were pulling back (http://www.marketwatch.com/story/oil-prices-ease-after-biggest-gain-in-2-months-2016-06-30)from their gain on Wednesday, the biggest since early April.

The Dow Jones Industrial Average stands about 320 points away from recouping (http://www.marketwatch.com/story/the-dow-is-just-300-points-shy-of-its-pre-brexit-close-2016-06-29) its losses in the wake of the U.K.'s Brexit referendum last week on whether the U.K. should exit the European Union. The benchmark on Wednesday (http://www.marketwatch.com/story/us-stocks-poised-to-rise-again-as-brexit-worries-fade-2016-06-29) ended 1.6% higher, while the S&P 500 tacked on 1.7%. The Nasdaq Composite Index added 1.9%. Thanks to Wednesday's gains, both the Dow and the S&P turned positive for the year, up 1.6% and 1.3% respectively.

"Market sentiment seems to be settling down, as the volatility following last week's Brexit continues to subside," said Richard Perry, market analyst at Hantec Markets, in a note.

"However, it appears that markets have developed into more of a consolidation and there will be fears that this could simply have been an unwinding move that provides another chance to sell," he added.

Economic docket: Bullard is set to speak at the Society of Business Economists' annual dinner in London at 3:20 p.m. Eastern Time. Bullard, a voting member this year on the Federal Reserve's rate-setting board, said earlier this month the Fed could hold monetary policy steady (http://www.marketwatch.com/story/fed-can-sit-on-its-hands-as-current-economic-trends-likely-to-persist-bullard-says-2016-06-17) considering the trend of tepid 2% growth, along with a low unemployment rate and subdued inflation.

In the U.K., Bank of England Gov. Mark Carney is set to speak at 4 p.m. local time, or 11 a.m. Eastern.

As for data, a June measure of Chicago-area economic activity, the Chicago PMI, is due at 9:45 a.m. Eastern.

Stocks to watch:Yahoo Inc.(YHOO) and its CEO, Marissa Mayer, will be in the spotlight as shareholders hold their annual meeting.

Shares of Lions Gate Entertainment Corp. (LGF) leapt nearly 7% premarket following an agreement to be purchased by Starz(STRZA)for $4.4 billion in cash and stock (http://www.marketwatch.com/story/lions-gate-starz-shares-soar-after-merger-deal-announced-2016-06-30). Starz's shares popped up 11% in modest volume.

Wal-Mart Stores Inc.(WMT) said Thursday it's launching Wal-Mart Pay in 11 more states (http://www.marketwatch.com/story/wal-mart-launches-walmart-pay-in-more-than-500-stores-2016-06-30), making its mobile pay service available in more than 500 new stores.

Darden Restaurants Inc. (DRI), whose chains include Olive Garden and The Capital Grille, posted a rise in quarterly profit while sales missed expectations (http://www.marketwatch.com/story/darden-profit-rises-while-sales-miss-dividend-increased-12-2016-06-30). Darden did raise its dividend by 12%.

ConAgra Foods Inc.(CAG) shares fell 3.4% in premarket trading after the company reported fiscal fourth-quarter revenue that missed expectations. (http://www.marketwatch.com/story/conagra-foods-shares-slide-after-revenue-miss-2016-06-30)

Liquor and beer maker Constellation Brands Inc. (STZ) ahead of the bell said fiscal first-quarter 'comparable' per-share earnings rose to $1.54 (http://www.marketwatch.com/story/constellation-brands-earnings-sales-rise-above-expectations-2016-06-30), ahead of the FactSet consensus of $1.52 a share. Sales rose to $1.87 billion, above the FactSet consensus of $1.83 billion.

McCormick & Co. Inc.(MKC) said quarterly earnings excluding certain items came in at 75 cents a share (http://www.marketwatch.com/story/mccormick-profit-rises-beats-expectations-2016-06-30). Analysts had expected 74 cents a share from the spices and herbs maker, according to a Thomson Reuters poll.

Pier 1 Imports Inc.(PIR) reported a quarterly loss and a decline in sales (http://www.marketwatch.com/story/pier-1-imports-joins-in-weak-retail-results-2016-06-29)late Wednesday, sending shares down more than 6% in after-hours trading.

(http://www.marketwatch.com/story/oil-gains-more-ground-after-eia-reports-41-million-barrel-fall-in-us-crude-supplies-2016-06-29)Tractor Supply Co.(TSCO) shares fell late Wednesday after the company's second-quarter forecast fell short of expectations (http://www.marketwatch.com/story/tractor-supply-co-warning-sends-stock-sliding-2016-06-29). The farm-equipment supplier also lowered its annual forecast.

Progress Software Corp.(PRGS) shares rose late Wednesday following the business software maker's report of better-than-expected second-quarter earnings (http://www.marketwatch.com/story/progress-software-stock-gains-on-sales-boost-2016-06-29).

Other markets: Oil prices (http://www.marketwatch.com/story/oil-prices-ease-after-biggest-gain-in-2-months-2016-06-30) dropped 2%, trading below $48 a barrel. European stocks slipped after strong rally on Wednesday.

Read:Brexit backer Boris Johnson won't run to become Britain's next prime minister (http://www.marketwatch.com/story/former-london-mayor-boris-johnson-wont-seek-to-replace-british-prime-minister-2016-06-30)

Asian stocks (http://www.marketwatch.com/story/asian-shares-edge-higher-as-post-brexit-vote-relief-sinks-in-2016-06-30) ended mostly higher, with Japan's Nikkei Average edging up 0.1% and Hong Kong's Hang Seng Index gaining 1.8%.

Gold futures were off 0.4% at $1,319 an ounce. The ICE U.S. Dollar Index pared its loss to less than 0.1%, at 95.767.

(END) Dow Jones Newswires

June 30, 2016 09:17 ET (13:17 GMT)

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