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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | | The major U.S. index futures are pointing to a higher opening on Wednesday following the mixed performance seen in the previous session.
Buying interest may be generated in reaction to a report from the Commerce Department showing a bigger than expected jump in durable goods orders in the month of August.
Traders are also likely to keep a close eye on remarks by President Donald Trump, who is expected to provide details of his tax reform plan later in the day.
Following the notable decline seen in the previous session, stocks turned in a lackluster performance during trading on Tuesday. The major averages spent much of the day lingering near the unchanged line before closing mixed.
While the Dow dipped 11.77 points or 0.1 percent to 22,284.32, the Nasdaq rose 9.57 points or 0.2 percent to 6,380.16 and the S&P 500 inched up 0.18 points or less than a tenth of a percent to 2,496.84.
The choppy trading on Wall Street came amid the release of some disappointing economic data, including a report showing an unexpected drop in new home sales.
The Commerce Department said new home sales tumbled by 3.4 percent to an annual rate of 560,000 in August from the revised July rate of 580,000.
The decline surprised economists, who had expected new home sales to climb to a rate of 583,000 from the 571,000 originally reported for the previous month.
A separate report from the Conference Board showed a deterioration in consumer confidence in the month of September.
The Conference Board said its consumer confidence index dropped to 199.8 in September from a revised 120.4 in August. Economists had expected the index to slide to 120.2 from the 122.9 originally reported for the previous month.
Traders have not paid much attention to recent economic reports, as the data was impacted by Hurricanes Harvey and Irma.
Trucking stocks showed a significant move to the upside on the day, driving the Dow Jones Trucking Index up by 1.3 percent. With the gain, the index reached a record closing high.
Computer hardware, housing, and tobacco stocks also saw strength on the day, while gold stocks moved lower along with the price of the precious metal. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | New orders for U.S. manufactured durable goods jumped by more than anticipated in the month of August, according to a report released by the Commerce Department.
The report said durable goods orders surged up by 1.7 percent in August after plunging by 6.8 percent in July. Economists had expected orders to climb by 1.0 percent.
Excluding an increase in orders for transportation equipment, durable goods orders edged up by 0.2 percent in August after climbing by 0.8 percent in July. The uptick matched economist estimates.
At 10 am ET, the National Association of Realtors is scheduled to release its report on pending home sales in the month of August. Pending home sales are expected to drop by 0.5 percent.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
The Energy Information Administration is due to release its report on oil inventories in the week ended September 22nd at 10:30 am ET. Crude oil inventories are expected to increase by 2.3 million barrels.
At 1 pm ET, the Treasury Department is scheduled to announce the results of its auction of $34 billion worth of five-year notes.
St. Louis Federal Reserve President James Bullard is due to discuss the U.S. economy and monetary policy at Truman State University in Kirksville, Missouri, at 1:30 pm ET.
At 7 pm ET, Boston Fed President Eric Rosengren is scheduled to speak at Money Marketeers in New York City. |
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| | Europe markets | | European stocks are mostly higher on Wednesday, with a weaker euro as well as merger and acquisition activity helping buoy investor sentiment on a day of light economic news.
While the German DAX Index has risen by 0.5 percent, the U.K.’s FTSE 100 Index and the French CAC 40 Index are up by 0.3 percent and 0.2 percent, respectively.
France's Alstom has jumped after signing a memorandum of understanding with Siemens to merge their rail operations in a deal that would create a new European champion.
Spain's Banco Sabadell has climbed and Caixabank has also rallied after recent steep losses on concerns over the Catalan referendum.
Finnish power utility Fortum Corp has risen after the company said it would launch an 8.05 billion euro takeover offer for Uniper in an all-cash deal.
German reinsurer Munich Re has gained on reports that it is close to selling some of its primary life insurance units. |
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Asian stocks ended mixed on Wednesday, as renewed geopolitical concerns and hawkish comments from Federal Reserve Chair Janet Yellen offset investor optimism over higher oil prices and positive industrial profit data from China.
Investors also awaited details of U.S. President Donald Trump's tax reform plans, expected to be unveiled later in the day.
China's Shanghai Composite Index inched up 1.88 points or 0.1 percent to 3,345.46 after official data showed China's industrial profit growth accelerated sharply in August. Hong Kong's Hang Seng Index climbed 129.42 points or 0.5 percent to 27,642.43.
Industrial profits grew at a faster pace of 24.0 percent year-over-year in August following a 16.5 percent spike in July.
Meanwhile, Japanese shares hit 1-1/2 week lows as many heavyweight stocks went ex-dividend, offsetting investor optimism over a declining yen following Yellen's comments.
The Nikkei 225 Index declined 63.14 points or 0.3 percent to 20,267.05, while the broader Topix index closed 0.50 percent lower at 1,664.43. Automaker Toyota lost 1 percent and Nissan Motor fell as much as 2.6 percent.
Australian shares fell for a second straight session after Fed Chair Janet Yellen said a gradual and cautious approach to rate hikes will be appropriate amid uncertainty surrounding inflation.
The benchmark S&P/ASX 200 Index slipped 6.70 points or 0.1 percent to 5,664.30, while the broader All Ordinaries Index closed marginally lower at 5,725.50.
Westpac edged up 0.2 percent while the other three banks ended down between 0.1 percent and 0.3 percent. Miners finished mostly higher, with BHP Billiton rising 0.2 percent, while rival Rio Tinto advanced 1.4 percent and Fortescue Metals Group rallied 3.4 percent.
AGL Energy shed 0.8 percent after the power retailer provided an outline of its plan to potentially replace generation from its ageing Liddell power station.
Seoul shares ended lower amid selling by foreign investors as tensions between North Korea and the United States persisted. The benchmark Kospi dropped 1.75 points or 0.07 percent to 2,372.57. |
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| | Currency and Commodities Markets | | Crude oil futures are inching up $0.05 to $51.93 a barrel after falling $0.34 to $51.88 a barrel on Tuesday. Gold futures, which slid $9.80 to $1,301.70 an ounce in the previous session, are sliding $13.20 to $1,288.50 an ounce.
On the currency front, the U.S. dollar is trading at 113.19 yen compared to the 112.24 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1724 compared to yesterday’s $1.1793. |
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