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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 roughly flat opening on Wednesday, with stocks poised to extend the lackluster performance seen earlier this week.
Traders may largely remain on the sidelines for another session amid yet another quiet day on the U.S. economic front.
Developments overseas may attract some attention as President Donald Trump travels to China to meet with Chinese President Xi Jinping.
While selling pressure was somewhat subdued, stocks moved modestly lower over the course of the trading session on Tuesday. The major averages pulled back into negative territory after reaching record intraday highs in early trading.
The major averages ended the session mixed, as the Dow managed to inch back above the unchanged line late in the day. While the Dow crept up 8.81 points or less than 0.1 percent to 23,557.23, the Nasdaq fell 18.65 points or 0.3 percent to 6,767.78 and the S&P 500 edged down 0.49 points or less than 0.1 percent to 2,590.64.
The weakness on Wall Street was partly due to profit taking, as traders cashed in on some of the recent strength in the markets.
Trading activity was relatively light, however, with a lack of major U.S. economic data keeping some traders on the sidelines.
The economic calendar remains relatively quiet throughout the week, although reports on weekly jobless claims, wholesale inventories and consumer sentiment may attract attention in the coming days.
Banking stocks showed a substantial move to the downside over the course of the session, dragging the Dow Jones Banks Index down by 2.2 percent.
M&T Bank (MTB), SunTrust Banks (STI) and Zions Bancorp (ZION) turned in some of the banking sector's worst performances on the day.
Significant weakness was also visible among airline stocks, as reflected by the 2 percent loss posted by the NYSE Arca Airline Index. With the drop, the index fell to its lowest closing level in over two months.
Steel and computer hardware stocks also saw notable weakness, while telecom and utilities stocks showed strong moves to the upside on the day.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
At 10:30 am ET, the Energy Information Administration is scheduled to release its report on oil inventories in the week ended November 3rd.
Crude oil inventories are expected to drop by 2.8 million barrels after falling by 2.4 million barrels in the previous week.
The Treasury Department is due to announce the results of its auction of $23 billion worth of ten-year notes at 1 pm ET.
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| | Stocks In Focus |
Shares of Snap (SNAP) are seeing significant weakness in pre-market trading after the Snapchat parent reported a narrower than expected third quarter loss but much weaker than expected revenues.
Watch and accessories maker Fossil (FOSL) may also come under pressure after reporting a narrower than expected third quarter loss but providing disappointing guidance.
Shares of MannKind (MNKD) are also likely to see early weakness after the biopharmaceutical company reported a wider than expected third quarter loss.
On the other hand, shares of Take-Two Interactive (TTWO) are moving notably higher in pre-market trading after the video game publisher raised its full-year forecast.
Real estate website operator Zillow (Z) is also likely to move to the upside after reporting better than expected third quarter results and providing upbeat guidance.
Shares of Humana (HUM) are also seeing pre-market strength after the health insurer reported third quarter earnings that beat analyst estimates and boosted its full-year earnings forecast. |
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| | Europe markets |
European stocks are little changed in lackluster trading on Wednesday as mixed earnings results, falling bond yields and rising geopolitical tensions between Riyadh and Tehran kept investors on tenterhooks.
While the French CAC 40 Index is down by 0.2 percent, the U.K.'s FTSE 100 Index and the German DAX Index are both nearly unchanged.
ABN AMRO has shown a notable move to the downside as the Dutch bank reported a drop in third quarter revenues.
Belgian chemical company Solvay has also moved lower after posting muted growth in its third quarter core profits.
Credit Agricole shares have fallen after the French lender reported a double-digit decrease in its third quarter net profit, hit by weak trading conditions.
On the positive side, Dutch supermarket operator Ahold Delhaize has jumped after the company delivered robust earnings and announced a new 2 billion euro share buyback program for 2018.
French video game publisher Ubisoft Entertainment has also soared after the company beat its second quarter sales target.
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks turned in a mixed performance on Wednesday as geopolitical worries resurfaced in the Middle East and commodity prices weakened after the release of Chinese trade data.
Media reports suggesting that U.S. Senate Republicans are considering delaying the implementation of a corporate tax cut by a year also weighed on the markets.
The dollar fell against the yen, while oil prices dipped after data showed Chinese crude imports fell to their lowest level in a year.
Chinese shares gave up earlier gains to end roughly flat as traders digested mixed trade data. The benchmark Shanghai Composite Index finished marginally higher at 3,414.91. Hong Kong's Hang Seng Index fell 86.74 points or 0.3 percent to 28,907.60.
Government data showed that Chinese exports climbed an annual 6.9 percent in dollar terms in October, slightly below economists' forecast for an increase of 7.1 percent. Imports surged up 17.2 percent from a year ago to beat estimates, leaving a trade surplus of $38.2 billion for the month.
Japanese shares finished on a mixed note as escalating tensions between OPEC members Saudi Arabia and Iran helped spur demand for yen. The Nikkei 225 Index slipped 23.78 points or 0.1 percent to end at 22,913.82, while the broader Topix Index rose 0.2 percent to 1,817.60, a nearly 11-year high.
Exporters closed mostly higher, with Canon, Toyota Motor, Panasonic and Sony rising 2-3 percent. Falling bond yields kept banks and insurers under selling pressure. Mitsubishi UFJ Financial declined 0.9 percent and T&D Holdings ended down over 2 percent.
Australian shares erased early losses to finish marginally higher after the release of strong quarterly earnings from Commonwealth Bank of Australia.
The benchmark S&P/ASX 200 Index closed nearly unchanged at 6,016.27 after rising as much as 1 percent the previous day to reached a nearly 10-year high. The broader All Ordinaries Index also finished flat at 6,089.10.
Commonwealth Bank of Australia rallied 2.7 percent after the lender posted solid first-quarter results, helped by increased home lending and lower bad debt charges.
Miners Rio Tinto, BHP Billiton, South32 and Fortescue Metals Group dropped 1-3 percent after base metals prices fell sharply on Tuesday.
Energy stocks such as Origin Energy, Woodside Petroleum and Beach Energy lost 1-2 percent on profit taking after recent gains.
Ardent Leisure shed 2.1 percent as its chief executive Simon Kelly resigned after only six months on the job. Building materials supplier James Hardie Industries fell 1.5 percent after an acquisition announcement.
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| | Commodity, Currency Markets |
Crude oil futures are slipping $0.22 to $56.98 a barrel after edging down $0.15 to $57.20 a barrel on Tuesday. Gold futures, which fell $5.80 to $1,275.80 an ounce in the previous session, are climbing $5.80 to $1,281.60 an ounce.
On the currency front, the U.S. dollar is trading at 113.52 yen compared to the 114.01 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1591 compared to yesterday's $1.1587.
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