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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 lower opening on Wednesday following the upward trend seen over the past several sessions.
Profit taking may contribute to initial weakness on Wall Street after the major averages once again climbed to new record closing highs in the previous session.
A report from Bloomberg News that Chinese officials have recommended slowing or halting purchases of U.S. Treasuries may also weigh on the markets.
People familiar with the matter told Bloomberg the officials believe the market for U.S. government bonds is becoming less attractive relative to other assets.
The officials also think trade tensions between the U.S. and China may provide a reason to slow or stop buying American debt, the people said.
Following the mixed performance seen on Monday, stocks moved mostly higher during trading on Tuesday. With the upward move on the day, the major averages once again climbed to new record closing highs.
The major averages finished the session in positive territory but off their best levels of the day. The Dow rose 102.80 points or 0.4 percent to 25,385.80, the Nasdaq inched up 6.19 points or 0.1 percent to 7,163.58 and the S&P 500 edged up 3.58 points or 0.1 percent to 2,751.29.
Stocks continued to benefit from recent upward momentum, which has lifted the markets to record highs amid optimism about the economic outlook.
Continued strength seen in the overseas markets on the day also contributed to the buying interest on Wall Street.
Overall trading activity remains somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.
Traders may have been reluctant to make more significant moves ahead of the release of closely watched data on retail sales and producer and consumer prices later in the week.
Financial giants JPMorgan Chase (JPM) and Wells Fargo (WFC) are also due to report their quarterly results on Friday as earnings season gets underway.
Biotechnology stocks showed a substantial move to the upside over the course of the trading session, driving the NYSE Arca Biotechnology Index up by 3.3 percent. With the jump, the index reached its best closing level in well over two years.
Alder BioPharmaceuticals (ALDR), Global Blood Therapeutics (GBT), and Nektar Therapeutics (NKTR) posted standout gains.
Significant strength was also visible among healthcare stocks, as reflected by the 1.1 percent gain posted by the Dow Jones Health Care Index. The index ended the session at a record closing high.
Trucking, railroad, and financial stocks also saw notable strength on the day, while gold, telecom, and commercial real estate stocks moved to the downside.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
With a drop in prices for non-fuel imports partly offsetting a jump in prices for fuel imports, the Labor Department released a report showing U.S. import prices rose by much less than expected in the month of December.
The Labor Department said import prices inched up by 0.1 percent in December after climbing by an upwardly revised 0.8 percent in November.
Economists had expected import prices to rise by 0.5 percent compared to the 0.7 percent increase originally reported for the previous month.
The report also showed an unexpected decrease in export prices, which edged down by 0.1 percent in December after rising by 0.5 percent in November. Export prices had expected to rise by 0.3 percent.
At 9 am ET, Chicago Federal Reserve President Charles Evans is due to discuss current economic conditions or monetary policy at the Lake Forest-Lake Bluff Rotary Club 2018 Economic Breakfast in Lake Forest, Illinois.
The Commerce Department is scheduled to release its report on wholesale inventories in the month of December at 10 am ET. Wholesale inventories are expected to climb by 0.7 percent.
At 10:30 am ET, the Energy Information Administration is due to release its report on oil inventories in the week ended January 5th.
Crude oil inventories are expected to drop by 4.1 million barrels after slumping by 7.4 million barrels in the previous week.
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 1:30 pm ET, St. Louis Fed President James Bullard is due to give presentation on the "U.S. Economy and Monetary Policy" at a 2018 Economic Outlook event in St. Louis
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| | Stocks in Focus |
Shares of SuperValu (SVU) may come under pressure after the grocery store operator reported better than expected fiscal third quarter earnings but weaker than expected sales.
Homebuilder Lennar (LEN) is also seeing pre-market weakness after reporting fiscal fourth quarter earnings that came in below analyst estimates.
Shares of Nordstrom (JWN) may also move to the downside even though the fashion specialty retailer reported increases in holiday sales and raised its fiscal 2017 guidance.
On the other hand, shares of WD-40 (WDFC) may see early strength after the industrial spray manufacturer reported better than expected fiscal first quarter results and raised its full-year guidance.
Airline United Continental (UAL) is seeing pre-market strength after reporting increases in revenue passenger miles and available seat miles in December. |
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| | Europe |
European stocks have moved mostly lower on Wednesday as rising bond yields on expectations of higher interest rates and the recent surge in oil prices has spurred investors to lock in some profits after recent gains.
The German DAX Index has slumped by 0.9 percent and the French CAC 40 Index has fallen by 0.4 percent. However, the U.K.?s FTSE 100 Index is bucking the downtrend and inching up by 0.2 percent.
In economic news, French industrial production decreased as expected in November after rising in the two previous months, data from statistical office Insee showed.
Separately, the Quarterly Economic Survey published by the British Chambers of Commerce showed that growth in the U.K. economy remained subdued at the end of 2017.
Taylor Wimpey shares have declined in London after the homebuilder said its order book fell and house price growth slowed at the end of 2017.
Continental AG shares have also fallen after the tire manufacturer confirmed that it is in the early stages of analyzing how its organization can become even more flexible in response to the fast changing environment in the automotive industry.
Meanwhile, Ted Baker has soared after it reported an increase in retail sales over the Christmas period. J Sainsbury has also moved to the upside after upgrading its full-year profit guidance.
Airbus has also risen. China will finalize orders for 184 Airbus SE A320 aircraft soon, French President Emmanuel Macron reportedly said after talks with his Chinese counterpart Xi Jinping.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks closed mostly lower on Wednesday after bond yields jumped in the U.S. and inflation data from China painted a mixed picture.
Consumer prices in China rose an annual 1.8 percent in December, the National Bureau of Statistics said. That missed expectations for an increase of 1.9 percent but was up from 1.7 percent in November.
The bureau also said that producer prices jumped an annual 4.9 percent, exceeding forecasts for a gain of 4.8 percent but down from 5.8 percent in the previous month.
Japanese shares ended in the red as traders locked in some profits after recent strong gains. The Nikkei 225 Index slid 61.79 points or 0.3 percent to 23,788.20 after hitting a 26-year high in the previous session. However, the broader Topix Index closed 0.2 percent higher at 1,892.11.
Heavyweight Fast Retailing dropped 1.2 percent and chip equipment maker Tokyo Electron retreated 1.7 percent, while financials ended broadly higher.
Australian shares gave up early gains to end lower, dragged down by miners and property developers. The benchmark S&P/ASX 200 Index dropped 39.10 points or 0.6 percent to 6,096.70, and the broader All Ordinaries Index ended down 35.60 points or 0.6 percent at 6,205.90.
Rising U.S. Treasury yields weighed on property stocks, with Goodman Group and GPT Group falling around 3 percent each. In the mining sector, Rio Tinto, Fortescue Metals Group, South32 and BlueScope Steel all fell around 1 percent.
Gold miner Newcrest lost 2.3 percent and Evolution shed 2 percent after gold prices declined overnight. AuMake International fell more than 12 percent after cancelling an A$20 million capital raising due to recent share price volatility.
Meanwhile, Chinese stocks bucked the downtrend. China's Shanghai Composite Index rose 8.24 points or 0.2 percent to extend gains for the ninth straight session, while Hong Kong's Hang Seng Index edged up 62.31 points or 0.2 percent to 31,073.72.
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| | Commodities |
Crude oil futures are climbing $0.55 to $63.51 a barrel after jumping $1.23 to $62.96 a barrel on Tuesday. Gold futures, which fell $6.70 to $1,313.70 an ounce in the previous session, are advancing $8.80 to $1,322.50 an ounce.
On the currency front, the U.S. dollar is trading at 111.53 yen compared to the 112.65 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1993 compared to yesterday?s $1.1937.
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