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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 mixed opening on Wednesday following the sell-off seen in afternoon trading on Tuesday.
Traders may be reluctant to make significant moves following the recent volatility on Wall Street, which has led to wild swings by the major averages.
The upcoming three-day weekend may also contribute to choppy trading, as some traders will be looking to get a head start on the holiday.
After moving mostly higher in morning trading on Tuesday, stocks showed a substantial move to the downside in the afternoon. The major averages pulled back firmly into negative territory, with the tech-heavy Nasdaq largely offsetting the rally seen in the previous session.
The major averages all closed in the red, although the Nasdaq underperformed its counterparts. The Nasdaq plummeted 211.74 points or 2.9 percent to 7,008.81, while the Dow slumped 344.89 points or 1.4 percent to 23,857.71 and the S&P 500 tumbled 45.93 points or 1.7 percent to 2,612.62.
The afternoon sell-off on Wall Street was led by technology stocks, as reflected by the particularly steep loss posted by the Nasdaq.
Social media giant Facebook (FB) helped to lead the way lower, extending a recent downtrend following news CEO Mark Zuckerberg is planning to testify before Congress in the wake of the Cambridge Analytica scandal.
Within the tech sector, semiconductor stocks saw considerable weakness, dragging the Philadelphia Semiconductor Index down by 3.8 percent. The index pulled back sharply after jumping by 4.2 percent on Monday.
Chipmaker Nvidia (NVDA) showed a steep drop after halting testing of its driverless technology on public roads following a fatal crash involving a self-driving car.
Biotechnology stocks also showed a significant move to the downside on the day, as reflected by the 3.3 percent loss posted by the NYSE Arca Biotechnology Index. With the drop, the index fell to its lowest closing level in well over a month.
Retail, banking, and energy stocks also came under pressure on the day, while utilities stocks bucked the downtrend on Wall Street.
On the U.S. economic front, the Conference Board released a report showing an unexpected deterioration in consumer confidence in the month of March.
The Conference Board said its consumer confidence index dipped to 127.7 in March from a downwardly revised 130.0 in February.
The drop surprised economists, who had expected the index to inch up to 131.0 from the 130.8 originally reported for the previous month.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
Economic activity in the U.S. grew by more than previously estimated in the fourth quarter of 2017, according to a report released by the Commerce Department.
The report said gross domestic product climbed by 2.9 percent in the fourth quarter, reflecting an upward revision from the previously estimated 2.5 percent increase. Economists had expected the pace of GDP growth to be upwardly revised to 2.7 percent.
With the upward revision, the GDP growth in the fourth quarter reflects only a modest slowdown from the 3.2 percent jump in the third quarter.
At 10 am ET, the National Association of Realtors is scheduled to release its report on pending home sales in the month of February. Pending home sales are expected to jump by 2.1 percent in February after tumbling by 4.7 percent in January.
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 scheduled to release its report on oil inventories in the week ended March 23rd at 10:30 am ET.
Crude oil inventories are expected to increase by 1.2 million barrels after slumping by 2.6 million barrels in the previous week.
At 11:30 am ET, Atlanta Federal Reserve President Raphael Bostic is due to participate in an ?Armchair Chat? with the ?Atlanta Society of Finance and Investment Professionals? in Atlanta.
The Treasury Department is scheduled to announce the results of its auction of $29 billion worth of seven-year notes at 1 pm ET.
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| | Stocks in Focus |
Shares of BlackBerry (BB) are moving sharply higher in pre-market trading after the software company reported fiscal fourth quarter results that beat analyst estimates.
Yogawear maker Lululemon (LULU) is also seeing significant pre-market strength after reporting better than expected fiscal fourth quarter results and providing upbeat guidance for the current quarter.
On the other hand, shares of Concho Resources (CXO) may come under pressure after the oil and gas company announced an agreement to acquire rival RSP Permian (RSPP) in an all-stock deal valued at about $9.5 billion.
Electric car maker Tesla (TSLA) could see further downside after Moody?s downgraded the company?s credit rating to B3 from B2. |
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| | Europe |
European stocks have moved mostly lower on Wednesday as a further drop in bond yields pulled down banking stocks and technology stocks followed their U.S. and Asian peers lower on privacy concerns and on worries about tighter industry regulations.
The French CAC 40 Index and the German DAX Index are down by 0.5 percent and 0.4 percent, respectively, although the U.K.?s FTSE 100 Index is bucking the downtrend and inching up by 0.1 percent.
French aircraft manufacturer Dassault Aviation has moved to the downside as the exercise of the option for the purchase of 12 additional Rafale fighters for Qatar came into effect.
German biotech firm Evotec has also fallen after on reporting a decline in 2017 net income. Daimler has moved lower after the automaker said accounting changes will result in a changed outlook for its Mercedes-Benz Cars and Daimler Buses units.
Volkswagen has come under pressure on a Bloomberg report that its fiscal affairs in Luxembourg are under scrutiny from European Union watchdogs.
Meanwhile, Shire has jumped after Japan's Takeda said it is "considering making an approach" to buy the Irish drug maker.
In economic news, French consumer sentiment remained stable in March, survey results from the statistical office Insee showed. The consumer confidence index held steady at 100 in March, matching economists' expectations.
German consumer confidence is set to improve in April, survey data from the market research group GfK showed. The forward-looking consumer sentiment index unexpectedly rose by 0.1 points to 10.9 in April. The index was forecast to edge down to 10.7.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks ended broadly lower on Wednesday after U.S. technology stocks came under heavy selling pressure overnight on concerns about tighter industry regulations. Trade-related tensions also kept investors nervous.
China's Shanghai Composite Index dropped 44.43 points or 1.4 percent to 3,122.22, while Hong Kong's Hang Seng Index tumbled 768.30 points or 2.5 percent to 5,789.50.
Japanese shares fell sharply, with the overnight sell-off in big U.S tech companies and price adjustments on ex-dividend trades weighing on the market. The Nikkei 225 Index fell 286.01 points or 1.3 percent to 21,031.31, and the broader Topix index closed 1 percent lower at 1,699.56.
Chipmaker Advantest tumbled 3.4 percent, while peer Tokyo Electron lost 4.4 percent. Mitsubishi UFJ Financial, Sumitomo Mitsui Financial, Daiwa Securities, Inpex, Japan Petroleum and Nissan Motor declined 1-3 percent. Panasonic Corp. plunged 5.1 percent after U.S. authorities opened a probe into a fatal Tesla crash.
Australian shares fell notably in thin trade, taking the lead from sharp overnight declines on Wall Street. The benchmark S&P/ASX 200 Index slid 42.80 points or 0.7 percent to 5,789.50, and the broader All Ordinaries Index ended down 44.50 points or 0.8 percent at 5,899.20.
Mining giant Rio Tinto fell over 1 percent after selling its remaining Australian coal asset to private equity manager EMR Capital and Indonesia's Adaro Energy Tbk for $2.25 billion. BHP Billiton, Fortescue Metals Group, South32, Woodside Petroleum, Santos and Oil Search declined 1-5 percent after a drop in copper, oil and iron prices overnight.
The big four banks ended down between 0.4 percent and 1.1 percent, while technology stocks like Xero and Altium fell around 2 percent each.
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| | Commodities |
Crude oil futures are sliding $0.52 to $64.73 a barrel after slipping $0.30 to $65.25 a barrel on Tuesday. Meanwhile, after tumbling $13 to $1,342 an ounce in the previous session, gold futures are falling $9.20 to $1,332.80 an ounce.
On the currency front, the U.S. dollar is trading at 106.18 yen compared to the 105.34 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.2391 compared to yesterday?s $1.2403.
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