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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.
Positive sentiment may be generated in reaction to remarks by Chinese President Xi Jinping at opening of the 19th Communist Party Congress.
Xi conveyed a positive view of the Chinese economy and indicated China will move forward with reforms aimed at further opening its market to foreign investors.
"China's open door will not be closed -- it will be only be opened wider," Xi said as the week-long, once-in-five-years Congress got underway.
Traders may also react positively to some of the latest earnings news, with tech giant IBM (IBM) seeing pre-market strength after reporting better than expected third quarter results.
After ending Monday's trading modestly higher, stocks showed a lack of direction over the course of the trading day on Tuesday. Despite the choppy trading on the day, the Dow and the S&P 500 reached new record closing highs.
While the tech-heavy Nasdaq edged down 0.35 points or less than a tenth of a percent to 6,623.66, the Dow edged up 40.48 points or 0.2 percent to 22,997.44 and the S&P 500 inched up 1.72 points or 0.1 percent to 2,559.36.
The modest gain by the Dow was partly due to a significant advance by shares of UnitedHealth (UNH), which surged up by 5.5 percent after the health insurer reported better than expected third quarter earnings and raised its full-year guidance.
Healthcare giant Johnson & Johnson (JNJ) also posted a strong gain after reporting better than expected third quarter results, while Goldman Sachs (GS) moved to the downside despite reporting third quarter results that beat estimates.
The choppy trading shown by the broader markets came as traders seemed reluctant to make more significant moves, as the earnings season is only just beginning to pick up steam.
Traders largely shrugged off some upbeat economic data, including a report from the Federal Reserve showing industrial production rebounded by slightly more than expected in the month of September.
The report said production rose by 0.3 percent in September after sliding by 0.7 percent in August. Economists had expected production to edge up by 0.2 percent.
The Fed said the continued effects of Hurricane Harvey and, to a lesser degree, the effects of Hurricane Irma held down production growth by a quarter of a percentage point in September.
A separate report from the National Association of Home Builders showed an unexpected jump in homebuilder confidence in the month of October.
The report said the NAHB/Wells Fargo Housing Market Index surged up to 68 in October after dropping to 64 in September. Economists had expected the index to come in unchanged compared to the previous month.
Before the start of trading, the Labor Department released a report showing import and export prices both increased by more than anticipated in September.
Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Healthcare stocks showed a strong move to the upside, however, with the Dow Jones Health Care Index climbing by 1.3 percent. With the gain, the index reached a record closing high.
The healthcare sector saw further upside after the leaders of the Senate Health Committee revealed they have reached an agreement on legislation to provide short-term stability to Obamacare.
On the other hand, brokerage stocks came under pressure over the course of the session, dragging the NYSE Arca Broker/Dealer Index down by 1.4 percent.
Goldman Sachs led the sector lower, although Charles Schwab (SCHW) also posted a notable loss after reporting weaker than expected third quarter revenues.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
After reporting an unexpected drop in new residential construction in the U.S. in the previous month, the Commerce Department released a report showing housing starts continued to see substantial weakness in the month of September.
The Commerce Department said housing starts plunged by 4.7 percent to an annual rate of 1.127 million in September from the revised August estimate of 1.183 million. Housing starts has been expected to edge down by 0.5 percent.
Building permits, an indicator of future housing demand, also tumbled by 4.5 percent to an annual rate of 1.215 million in September from a revised 1.272 million in August. Economists had expected building permits to drop by 2.9 percent.
The Energy Information Administration is scheduled to release its report on oil inventories in the week ended October 13th at 10:30 am ET.
Crude oil inventories are expected to drop by 4.8 million barrels after falling by 2.7 million barrels in the previous week.
At 2 pm ET, the Federal Reserve is due to release its Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts.
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| | Stocks In Focus |
Shares of IBM Corp. (IBM) are moving notably higher in pre-market trading after the tech giant reported third quarter results that exceeded analyst estimates on both the top and bottom lines.
Biotechnology company Spectrum Pharmaceuticals (SPPI) is also likely to see early strength after reporting data from a Phase 2 clinical study evaluating poziotinib in EGFR Exon 20 Mutant Non-Small-Cell Lung Cancer.
Shares of Abbot Laboratories (ABT) may also move to the upside after the healthcare company reported better than expected third quarter results.
On the other hand, shares of Select Comfort (SCSS) may come under pressure after the mattress maker reported third quarter results that came in below analyst estimates due to the impact of recent hurricanes.
Lighting product maker Cree (CREE) could also see early weakness after reporting fiscal first quarter results that matched expectations but providing disappoint guidance.
Shares of Ulta Beauty (ULTA) may also move to the downside after Piper Jaffray downgraded its rating on the cosmetics retailer to Neutral from Overweight. |
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| | Europe markets |
European stocks have moved higher on Wednesday as the dollar firmed up on speculation over next Fed Chair, China pledged to deepen economic and financial reforms, and a survey showed Japanese Prime Minister Shinzo Abe's coalition is on track for a roughly two-thirds majority in Sunday's general election.
The pound continued to fall following comments from the new Bank of England deputy governor that he was not close to voting for an interest rate hike because there is no sign of second-round effects on wages from higher recent inflation.
Meanwhile, there was little reaction to the unemployment data, which showed that the U.K. jobless rate held steady at the lowest level since 1975. The ILO jobless rate came in at 4.3 percent in three months to August, matching expectations.
While the French CAC 40 Index has advanced by 0.6 percent, the German DAX Index and the U.K.'s FTSE 100 Index are up by 0.5 percent and 0.4 percent, respectively.
DS Smith shares have climbed after the packaging specialist said it would acquire Romania-based EcoPack and EcoPaper for an enterprise value of about 208 million euros.
Dutch semiconductor equipment maker ASML Holding has also moved to the upside after the firm reported higher profits in its third quarter and maintained its forecast for higher sales in fiscal 2017.
Meanwhile, Akzo Nobel shares have declined after the Dutch paint maker issued another profit warning after reporting lower-than-expected third quarter earnings, impacted by unfavorable currencies and margin pressure from raw material cost inflation.
German online retailer Zalando has also moved lower after the company warned that it may post a pretax loss in the third quarter.
French aerial work platform manufacturer Haulotte group has slumped after posting slower sales growth for its third quarter. British supermarket chain Sainsbury's has also declined following its announcement that it was cutting 2,000 jobs.
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks moved modestly higher on Wednesday as China's ruling Communist Party began its week-long, once-in-five-years Congress and a survey showed Japanese Prime Minister Shinzo Abe's coalition is on track for a roughly two-thirds majority in Sunday's general election.
Chinese shares firmed up after President Xi Jinping conveyed a positive view of the economy but made a rare acknowledgement of grim challenges facing the country. The benchmark Shanghai Composite Index rose 9.33 points or 0.3 percent to 3,381.37, while Hong Kong's Hang Seng Index inched up 14.27 points or 0.1 percent to 28,711.76.
Japanese shares closed higher for a 12th day in a row, with underlying sentiment supported by earnings expectations and hopes that Abe's ruling coalition will stay in power. The Nikkei 225 Index edged up 26.93 points or 0.1 percent to 21,363.05, and the broader Topix Index ticked up 0.1 percent to 1,724.64.
Exporters closed mostly higher, with Sony rising 1.7 percent to 4,226 yen. Meanwhile, Kobe Steel shares fell over 3 percent after it came under scrutiny in the U.S. Kansai Electric dropped 1.7 percent after it decided to close two large, aging nuclear reactors.
Australian shares ended roughly flat after five days of gains. The benchmark S&P/ASX 200 inched up marginally to close at a new five-month high, while the broader All Ordinaries Index closed marginally lower at 5,954.80.
Banks ended narrowly mixed. Logistics giant Brambles rose 0.8 percent as it reported 6 percent growth in first-quarter sales. Biotech company CSL advanced 1.8 percent as it moved to change CEO pay structure.
Mining giant BHP Billiton slid half a percent after a weak quarterly production report. Rival Rio Tinto lost 0.8 percent after it has been charged with fraud by U.S. regulators.
Crown Resorts tumbled 4.3 percent after whistleblowers claimed the casino operator deliberately tampered with poker machines to increase losses.
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| | Commodity, Currency Markets |
Crude oil futures are rising $0.25 to $52.13 a barrel after inching up $0.01 to $51.88 a barrel on Tuesday. Gold futures, which tumbled $15.80 to $1,287.20 an ounce in the previous session, are sliding $5.50 to $1,280.70 an ounce.
On the currency front, the U.S. dollar is trading at 112.87 yen compared to the 112.20 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1765 compared to yesterday's $1.1766.
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