US pre-open: Investors ditch Lyft and Walgreens, buy Bitcoin

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Sharecast News | 02 Apr, 2019

Stocks are set for a flattish start to trading as investors take a breather following the big gains seen during the previous session and bide their time ahead of Friday's non-farm US jobs report.

"US futures look a little flat, with the boost from the data proving short-lived. Perhaps this isn’t surprising, considering that this is just one month of data that may be an outlier. Sentiment can also quickly shift which can make the PMIs more volatile than other indicators," OANDA senior market analyst Craig Erlam told clients.

"Still, at a time when everyone is worried about the global economy and a trade war between the world’s two largest economies, some good news and reports are always welcome."

The UK Parliament's inability to decide on any concrete alternative to Prime Minister Theresa May's withdrawal proposal, during the previous session, was likely also restraining traders, although by and large analysts appeared confident that a deal would be agreed in the end.

As of 1339 GMT, futures on the Dow Jones Industrials were pointing higher by five basis points to 26,263.0, with those tracking the S&P 500 adding 3.0 points to 2,873.50 and those for the Nasdaq-100 up by 11.50 points to 7,510.

On Monday, Wall Street's main market gauges had reclaimed their October highs.

In the background, and possibly reflecting a broader pick up in risk appetite, the price of Bitcoin was jumping by 16.19% to $4,790.42.

But shares of ridehailing app Lyft were down by 4% to $66.54, having closed below their IPO price of $72 during the prior day's trading.

Also moving lower were shares of Walgreens Boots Alliance, after the discount retailer disappointed with its second quarter results, sending its shares 9% lower ahead of the opening bell.

On the economic side of things, according to the Department of Commerce, in February US durable goods orders declined at a 1.6% pace month-on-month to reach $251bn (consensus: -1.2%).

Orders for capital goods were also weaker, dipping by 0.1% on the month (consensus: 0.3%) at the so-called 'core' level.

Vehicle sales figures covering the month of March were set for release later in the session.

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