MARKET SNAPSHOT: U.S. Stocks On Track To Edge Higher, Rebounding From Two-day Dip

By Victor Reklaitis, MarketWatch Features Dow Jones Newswires

Earnings movers include Palo Alto Networks, Box, HPE

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U.S. stock futures pointed to a small gain at the open, putting the S&P 500 benchmark on pace to end a two-day retreat.

S&P 500 futures rose by 2.90 points, or 0.1%, to 2,414.00, while Dow Jones Industrial Average futures added 17 points, or 0.1%, to 21,019.00. Nasdaq-100 futures tacked on 15 points, or 0.3%, to 5,808.25.

On Wednesday, the S&P , Dow and Nasdaq Composite all closed 0.1% lower (http://www.marketwatch.com/story/us-stock-futures-struggle-for-direction-as-month-readies-to-close-on-a-high-note-2017-05-31), but still scored gains for the month of May.

The stock market yet again weathered geopolitical worries and Washington turmoil last month, said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

"The bottom line for investors is that May was profitable for stocks, even as the drama continued, with the key question being how long can the disconnect continue?" he wrote in a note.

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"The answer could be forever, but I think not," Silverblatt added. "June will be a month of investigation for the Trump administration, which is expected to answer the situation with a push on legislation, specifically taxes, which could help support the market."

Individual movers: Shares in Palo Alto Networks Inc.(PANW) look set for a big up day after the computer security company late Wednesday posted better-than-expected quarterly results (http://www.marketwatch.com/story/palo-alto-networks-surge-10-on-earnings-beat-outlook-2017-05-31), and cloud-based storage company Box Inc.(BOX) also seems on track for a gain after its earnings report (http://www.marketwatch.com/story/box-beats-and-raises-guidance-stock-jumps-6-2017-05-31).

See:Free cash flow is great, and AI is next, says Box CEO (http://www.marketwatch.com/story/box-ceo-aaron-levie-free-cash-flow-is-great-artificial-intelligence-is-next-2017-05-31)

Hewlett Packard Enterprise Co.(HPE) appears on pace for a down day after the provider of computer servers late Wednesday reported weaker-than-expected earnings (http://www.marketwatch.com/story/hewlett-packard-enterprise-shares-slide-on-weaker-than-expected-earnings-2017-05-31).

Check out:Why HPE investors are wondering if they bet on the wrong horse in split (http://www.marketwatch.com/story/hpe-investors-wondering-if-they-bet-on-the-wrong-horse-in-split-2017-05-31)

Ollie's Bargain Outlet Holdings Inc.'s (OLLI) stock was choppy late Wednesday after the closeout retailer's results beat expectations (http://www.marketwatch.com/story/ollies-bargain-beats-fiscal-q1-sales-earnings-expectations-2017-05-31).

Discount retailer Dollar General Corp.(DG) , apparel seller Express Inc.(EXPR) and camera maker Mobileye NV(MBLY) are among the companies expected to post earnings before the open.

Cable giant Charter Communications Inc.(CHTR) and telecom Verizon Communications Inc.(VZ) could see active trading following news that Charter rejected a $100 billion buyout offer from Verizon (http://www.marketwatch.com/story/cable-giant-charter-rejected-a-100-billion-buyout-bid-from-verizon-sources-say-2017-06-01).

Economic news: ADP's May figures for private-sector employment are slated to hit at 8:15 a.m. Eastern Time, followed by weekly jobless claims at 8:30 a.m. Eastern, with economists polled by MarketWatch expecting 239,000 claims.

The jobs-related releases come ahead of Friday's nonfarm payrolls data for last month.

Read:May hiring gains to reflect warming but not sizzling economy (http://www.marketwatch.com/story/the-economy-seems-frozen-in-time-but-underneath-the-ice-the-water-is-warming-2017-05-28)

Two May releases on manufacturing are on tap, with Markit's due at 9:45 a.m. Eastern. ISM's index is expected at 10 a.m. Eastern, with a reading of 55.0% anticipated. At the same time, a report on construction spending is slated to arrive and show 0.5% growth in April.

Reports on U.S. auto sales last month are also due to roll in Thursday.

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Federal Reserve Gov. Jerome Powell is due to give a speech on normalizing monetary policy at the Economic Club of New York at 8 a.m. Eastern.

President Donald Trump has said he will announce his decision (http://www.marketwatch.com/story/trump-likely-to-pull-out-of-paris-climate-deal-2017-06-01) on whether the U.S. will keep its commitments to a Paris climate accord at 3 p.m. Eastern.

See:Trump likely to pull out of Paris climate deal (http://www.marketwatch.com/story/trump-likely-to-pull-out-of-paris-climate-deal-2017-06-01)

Other markets: Oil futures gained, but remained down for the week, after a report late Wednesday from the American Petroleum Institute showed U.S. crude supplies a more-than-expected 8.7 million barrels last week. That sparked hope the official data from the U.S. Energy Information Administration due at 11 a.m. Eastern Time on Thursday also will show a drawdown in inventories.

European stocks were advancing, while Asia markets closed mixed. Gold futures lost ground, and a key dollar index was slightly higher.

(END) Dow Jones Newswires

June 01, 2017 05:25 ET (09:25 GMT)