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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 modestly lower opening on Wednesday, although early trading activity may be somewhat subdued ahead of the release of the minutes of the latest Federal Reserve meeting this afternoon.
The minutes of the Fed's September monetary policy meeting may shed some additional light on the outlook for interest rates.
Stocks showed a lack of direction over the course of the trading session on Tuesday before eventually ending the day modestly higher. With the gains on the day, the Dow and the Nasdaq ended the session at new record closing highs.
The Dow climbed 69.61 points or 0.3 percent to 22,830.68, the Nasdaq edged up 7.52 points or 0.1 percent to 6,587.25 and the S&P 500 rose 5.91 points or 0.2 percent to 2,550.64.
The higher close on Wall Street reflected recent upward momentum, which has driven the major averages to record highs.
However, a lack of major U.S. economic news led traders to be reluctant to make more significant moves.
Later this week, trading may be impacted by the release of reports on producer and consumer prices and retail sales.
Earnings season is also looming, with financial giants Citigroup (C), JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo (WFC) due to report their quarterly results in the coming days.
Tobacco stocks showed a significant move to the upside, adding to the strong gains posted in the previous session. Reflecting the strength in the sector, the Dow Jones Tobacco Index surged up by 1.8 percent.
Airline and utilities stocks also saw considerable strength on the day, while gold stocks came under pressure despite an increase by 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 | |
At 11:30 pm ET, the Treasury Department is due to announce the results of its auction of $24 billion worth of three-year notes.
The Treasury Department is scheduled to announce the results of its auction of $20 billion worth of ten-year notes at 1 pm ET.
At 2 pm ET, the Federal Reserve is due to release the minutes of the September monetary policy meeting, which may shed light on the outlook for interest rates.
San Francisco Fed President John Williams is scheduled to deliver a speech on community leaders in Salt Lake City, Utah, at 2:40 pm ET.
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| | Stocks In Focus |
Shares of MannKind (MNKD) are moving notably lower in pre-market trading after the biopharmaceutical company announced a $61 million registered direct offering of common stock.
Chip maker Micron Technology (MU) may also move to the downside after announcing it intends to offer approximately $1 billion worth of shares of common stock in an underwritten registered public offering.
Shares of Fastenal (FAST) are also seeing pre-market weakness even though the maker of industrial and construction fasteners reported third quarter results that matched analyst estimates.
On the other hand, shares of Delta Air Lines (DAL) may move to the upside after the airline reported third quarter results that beat expectations.
Asset management firm BlackRock (BLK) also reported third quarter earnings and revenue that came in above analyst estimates. |
| | Europe markets |
European stocks are seeing modest weakness on the day as the euro has surged and investors await the release of minutes of the September Federal Reserve policy meeting later today for clues on the interest rate outlook.
The euro hit a two-week high against the dollar after Catalan leader Carles Puigdemont refrained from making a formal declaration of the region's independence on Tuesday.
While the German DAX Index is just below the unchanged line, the U.K.'s FTSE 100 Index is down by 0.1 percent and the French CAC 40 Index is down by 0.3 percent.
Unilever shares have risen after the company launched a 450 million euro buyback of its Dutch preference shares.
German drug delivery devices maker Gerresheimer has also moved to the upside after unveiling its third-quarter results.
GEA Group shares have jumped after activist investor Paul Singer bought a stake of just over 3 percent in the food processing machinery firm.
Similarly, Smith & Nephew has also after Paul Singer's hedge fund Elliott Management reportedly built a stake in the medical device maker.
Meanwhile, Mondi shares have plunged in London after the company said its annual results would be slightly lower than analysts' expectations.
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Most Asian stocks rose on Wednesday as higher commodity prices and better-than-expected data from Japan and Australia boosted investor optimism about global growth. Traders also breathed a sigh of relief after Catalan leader Carles Puigdemont refrained from making a formal declaration of the region's independence on Tuesday.
China's Shanghai Composite Index rose 6.06 points or 0.2 percent to 3,389,05, although Hong Kong's Hang Seng Index fell 101.26 points or 0.4 percent to 28,389.57. China is on track to meet its growth target of around 6.5 percent this year and could well exceed it, the head of the Statistics Bureau said on Tuesday.
Japanese shares closed at their highest level in 21 years, with exporters and defensive stocks leading the surge after data showed Japan's core machinery orders rose for a second straight month in August.
The Nikkei 225 Index climbed 57.76 points or 0.3 percent to 20,881.27, its highest level since December of 1996, while the broader Topix index closed 0.1 percent higher at 1,696.81, its highest level in a decade.
Kobe Steel shares plummeted 18 percent to extend losses for the second straight session after a shocking revelation that it had falsified data about the strength and durability of some aluminum and copper products shipped to about 200 companies.
Australian shares ended near a one-month high, led by financials as the Aussie dollar pushed higher after a strong reading on consumer confidence. The headline index jumped 3.6 percent to a score of 101.4 in October after a 2.5 percent increase in September, the latest survey from Westpac Bank revealed.
The benchmark S&P/ASX 200 Index climbed 34 points or 0.6 percent to 5,772.10, and the broader All Ordinaries Index finished up 33.70 points or 0.6 percent at 5,840.80. Banks ANZ, NAB and Westpac rose between 0.4 percent and 0.7 percent.
Woodside Petroleum and Beach Energy rallied 1-2 percent after oil prices surged about 2 percent on Tuesday amid signs that markets are gradually tightening after years of oversupply.
Mining heavyweights BHP Billiton and Rio Tinto declined around half a percent, while smaller rival Fortescue Metals Group lost 1.8 percent. BlueScope Steel edged down 0.3 percent despite the company reiterating its first-half earnings outlook.
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| | Commodity, Currency Markets |
Crude oil futures are inching up $0.03 to $50.95 a barrel after jumping $1.34 to $50.92 a barrel on Tuesday. Gold futures, which climbed $8.80 to $1,293.80 an ounce in the previous session, are slipping $1.70 to $1,292.10 an ounce.
On the currency front, the U.S. dollar is trading at 112.11 yen compared to the 112.45 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1835 compared to yesterday's $1.1808.
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