July 1, 2016 / 11:42 AM / 2 years ago

US STOCKS-Futures little changed as investors take a breather

By Yashaswini Swamynathan

July 1 (Reuters) - U.S. stock index futures were little changed on Friday as investors looked ahead to a long weekend after a tumultuous week.

* Global stocks went into a tailspin last Friday in the aftermath of Britain’s shock vote to leave the European Union, but recovered most of those losses in the last three days.

* U.S. stock exchanges are closed on Monday for the U.S. Independence Day holiday.

* Wall Street closed higher on Thursday after rallying on news that the Bank of England could ease monetary policy.

* Oil prices fell about 0.7 percent on Friday as worries of oversupply were reignited by a return in production from Nigeria and Canada.

* Data showed growth in China’s manufacturing sector stalled in June.

* Investors are bracing for continued volatility in the markets as they await the next steps of the Brexit action and are waiting for second-quarter earnings to judge the health of U.S. equities.

* The Institute for Supply Management will release its national factory activity index for June, which is expected to have risen slightly to 51.4 from 51.3 in May, at 10 a.m. ET.

* Micron fell 9.7 percent to $12.43 in premarket trading after the chipmaker said it would cut jobs and reported disappointing quarterly sales and forecast. The stock was the biggest percentage loser among S&P 500 companies.

* Tesla fell 2.9 percent after a fatal accident involving a Model S car operating in autopilot mode prompted investigation by U.S. federal highway safety regulators.

* Qualcomm fell 2.2 percent after Evercore downgraded its shares to “hold” from “buy”.

Futures snapshot at 6:56 a.m. ET:

* Dow e-minis were down 15 points, or 0.08 percent, with 21,716 contracts changing hands.

* S&P 500 e-minis were down 2.5 points, or 0.12 percent, with 181,608 contracts traded.

* Nasdaq 100 e-minis were down 5.75 points, or 0.13 percent, on volume of 15,746 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty)

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