Before the bell: What you need to know before the US market open

Billy Bambrough
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The turn out for the vote is expected to be as high as 70 per cent (Source: Getty)

Polls are open for the UK's European Union membership vote. Markets are betting people will opt to stay however and rallying around the world.

Here's what you need to know before the US market open at 2:30pm London time.

In the pre-market the S&P is up by 0.95 per cent, while the Nasdaq is one per cent higher. The Dow is up by 0.92 per cent.

What looks set to be a strong open stateside follows a positive start to the day across Europe, as well a winning session in Asia.

Brexit or Bremain?

The markets think it's all over and after the latest poll it looks like it could be.

In an online survey of 4,700 people, undertaken up to midnight on 22 June, Populus reported a 55/45 lead for Remain. The strong lead for the In camp is in marked contrast to other polls, which have predicted an extremely tight result.

Read more: People say business will have no influence on their EU vote

The pound has rallied against the dollar, hitting its highest level of 2016, breaking the $1.49 barrier earlier today and moving towards $1.50 before paring back gains.

Meanwhile markets around the world have rallied. The UK blue-chip index, the FTSE 100, is up 1.53 per cent, it's best five-day winning streak since 2003.

The Euro Stoxx 50 is up 1.63 per cent, while Germany's Dax is up 2.27 per cent.

Stocks to watch

The founder of Chinese online retail giant Alibaba, Jack Ma, yesterday wrote in the Wall Street Journal that the company had "zero tolerance for those who rip off other people's intellectual property".

It's thought the company could begin to crack down harder on the millions of counterfeit goods that are sold via the site and Wall Street will be watching for announcements from the New York listed company.

An investor revolt is underway at electric car maker Tesla after it was revealed that chief executive Elon Musk would bailout another of his companies, SolarCity, with Tesla cash. The move has been called "shameful" by one investor and branded an example of bad corporate governance.

Read more: The definitive guide to EU referendum night

Shares in Tesla are down over 10 per cent in the pre-market after racking up heavy losses yesterday.

Cloud-communications company Twilio has priced its listing above its previously targeted range, putting shares at $15 and valuing the company at $1.23bn, more than its last private valuation of around $1bn.

Twilio will begin trading today on the New York Stock Exchange with the ticker TWLO.

Secretive data-mining startup co-founded by Peter Thiel, Palantir, is buying $225m of stock back from employees as long as they promise not to talk to the press and renew their nondisclosure agreements.

Companies reporting today

Struggling phone maker BlackBerry is reporting this morning as well as global consultancy Accenture.

In economic news

Initial jobless claims are out an hour before the open and Markit's preliminary US manufacturing PMI for June is out right after. The May new home sales will be released at 3pm London time.

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