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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 likely to extend the lackluster performance seen in the previous session.
Traders may remain reluctant to make significant moves as they keep an eye on renewed trade talks between the U.S., Canada, and Mexico.
Canada rejoined the talks following President Donald Trump?s announcement of a preliminary trade deal with Mexico on Monday.
In remarks to reporters on Tuesday, Canadian Foreign Affairs Minister Chrystia Freeland said ?difficult? concessions by Mexico have set the stage for productive conversations in the coming days.
Freeland said she is due to engage into detailed discussions with U.S. Trade Representative Robert Lighthizer later today.
Following the strong upward move seen on Monday, stocks turned in a relatively lackluster performance during trading on Tuesday. Despite the choppy trading, the Nasdaq and the S&P 500 crept up to new record closing highs.
The major averages eventually ended the day just above the unchanged line. The Dow edged up 14.38 points or 0.1 percent to 26,064.02, the Nasdaq ticked up 12.14 points or 0.2 percent to 8,030.04 and the S&P 500 inched up 0.78 points or less than a tenth of a percent to 2,897.52.
The choppy trading on Wall Street came as traders expressed some uncertainty about the outlook for the markets following the strength seen in recent sessions.
Traders largely shrugged off a report from the Conference Board showing an unexpected improvement in consumer confidence in the month of August.
The Conference Board said its consumer confidence index surged up to 133.4 in August from an upwardly revised 127.9 in July. Economists had expected the index to dip to 126.8 from the 127.4 originally reported for the previous month.
With the unexpected increase, the consumer confidence index reached its highest level since hitting 135.8 in October of 2000.
Stocks initially benefited from a continued positive reaction to Monday's news of the preliminary trade agreement between the U.S. and Mexico.
President Donald Trump indicated the trade deal with Mexico is intended to replace the North American Free Trade Agreement but suggested Canada could be excluded from the new pact.
Treasury Secretary Steven Mnuchin told CNBC he remains hopeful a revamped trade deal will get done with Canada but said the U.S. is ready to go forward with the agreement with Mexico.
Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Telecom stocks saw substantial strength, however, with the NYSE Arca Telecom Index surging up by 1.9 percent. With the jump, the index reached its best closing level in almost four years.
Notable strength also emerged among real estate stocks, as reflected by the 1.1 percent gain posted by the Dow Jones Real Estate Index. The index ended the session at a two-year closing high.
On the other hand, gold stocks came under pressure over the course of the session, dragging the NYSE Arca Gold Bugs Index down by 2 percent. The weakness among gold stocks came amid a modest pullback by the price of the precious metal.
Tobacco stocks also saw considerable weakness on the day, resulting in a 1.4 percent drop by the NYSE Arca Tobacco Index. The index fell to its lowest closing level in three months.
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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 slightly more than initially estimated in the second quarter, according to a report released by the Commerce Department.
The report said real gross domestic product climbed by 4.2 percent in the second quarter compared to the previously reported 4.1 increase. The pace of growth had been expected to be downwardly revised to 4.0 percent.
With the unexpected upward revision, the GDP growth in the second quarter reflects a significant acceleration from the 2.2 percent advance in the first quarter.
At 10 am ET, the National Association of Realtors is scheduled to release its report on pending home sales in the month of July. Pending home sales are expected to rise by 0.3 percent.
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 due to release its report on oil inventories in the week ended August 24th at 10:30 am ET.
Crude oil inventories are expected to dip by 0.5 million barrels after tumbling by 5.8 million barrels in the previous week.
At 1 pm ET, the Treasury Department is scheduled to announce the results of its auction of $31 billion worth of seven-year notes.
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| | Stocks in Focus |
Shares of Express (EXPR) are moving sharply higher in pre-market trading after the appeal retailer reported fiscal second quarter results that exceeded analyst estimates and raised its full-year guidance.
Shoe retailer Shoe Carnival (SCVL) is also likely to see initial strength after reporting better than expected fiscal second quarter results.
Shares of Hewlett Packard Enterprise (HPE) are also moving higher in pre-market trading after the information technology company reported fiscal third quarter results that beat expectations on both the top and bottom lines.
On the other hand, shares of Box Inc. (BOX) may come under pressure after the cloud storage provider reported a narrower than expected fiscal second quarter loss but provided disappointing guidance for the current quarter.
Men?s Wearhouse parent Tailored Brands (TLRD) is also seeing pre-market weakness after announcing its CEO Doug Ewert intends to retire, effective September 30th.
Shares of Dick?s Sporting Goods (DKS) may also move to the downside after the sporting goods retailer reported better than expected fiscal second quarter earnings but weaker than expected sales. |
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| | Europe |
European stocks are struggling for direction on Wednesday as investors keep an eye on the euro and wait to see progress in trade talks between the U.S. and Canada.
Market participants are also watching the latest developments in Italy after the country?s Finance Minister Giovanni Tria said Italy isn?t planning to breach the European Union's budget deficit limit.
Meanwhile, a report from Bloomberg citing senior officials on both sides said the U.K. and the European Union now aim to finalize divorce terms by mid-November, later than the October deadline regularly mentioned in public.
While the U.K.?s FTSE 100 Index has fallen by 0.3 percent, the German DAX Index and the French CAC 40 Index are both up by 0.2 percent.
German automaker Volkswagen has dropped after buying a minority stake in technology company FDTech GmbH for an undisclosed amount.
Novartis has also moved lower after its eye care unit Alcon announced an immediate, voluntary market withdrawal of the CyPass Micro-Stent from the global market.
On the other hand, Bertrandt Group shares have rallied in Frankfurt. The company reported that its post-tax earnings for the nine-month period rose to 32.09 million euros from 27.82 million euros in the prior year.
German digital media group RTL has also soared after its second quarter revenues and core earnings topped forecasts.
James Fisher & Sons, a provider of marine engineering services, has jumped in London after reporting an increase in first-half profits.
Software product group Micro Focus International has also climbed after it announced the commencement of a share buy-back program with an initial tranche of up to $200 million.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks struggled for direction before finishing mostly higher in cautious trading on Wednesday as investors awaited cues from high-stakes talks between the U.S. and Canada as well as China?s official factory PMI due on Friday.
Canada's Foreign Minister Chrystia Freeland has arrived in Washington to resume talks about the future of the three-nation North American Free Trade Agreement after the U.S. and Mexico agreed to a new trade deal on Monday.
Chinese stocks closed lower after the country?s state planner warned of increased economic risks in the second half of the year and said greater efforts are needed to hit key development goals.
The benchmark Shanghai Composite Index dropped 8.69 points or 0.3 percent to 2,769.29, while Hong Kong's Hang Seng Index inched up 64.82 points or 0.2 percent to 28,416.44.
Japanese stocks extended gains for the seventh straight session as technology stocks followed their U.S. peers higher. The Nikkei 225 Index rose 34.75 points or 0.2 percent to 22,848.22, and the broader Topix index closed 0.5 percent higher at 1,739.60.
Tokyo Electron, Sumco Corp. and Advantest Corp. rallied 1-2 percent. Automakers turned in a mixed performance amid the threat of U.S. auto tariffs after the new U.S.-Mexico trade deal proposed levying punitive tariffs of up to 25 percent on imports of Mexican-made cars, sport utility vehicles and auto parts above certain volumes.
Australian shares finished notably higher as easing global trade tensions helped lift financial and material stocks. The benchmark S&P/ASX 200 Index climbed 47.50 points or 0.8 percent to 6,352.20, while the broader All Ordinaries Index ended up 43.40 points or 0.7 percent at 6,457.
The big four banks offering high dividend yields climbed 2-3 percent, and insurers QBE Insurance and Suncorp Group advanced 1.5 percent and 1.8 percent, respectively.
Miners also posted broad-based gains, helped by a rise in commodity prices. BHP Billiton rose 1.3 percent to extend gains for a fifth straight session, while South32 rallied 2 percent.
Building materials firm Boral jumped 10 percent after reporting a nearly 50 percent surge in full-year profits.
Meanwhile, Virgin Australia lost 4 percent after it reported a full-year loss that widened from last year on impairments and write-offs.
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| | Commodities |
Crude oil futures are climbing $0.52 to $69.05 a barrel after falling $0.34 to $68.53 a barrel on Tuesday. Meanwhile, after slipping $1.60 to $1,214.40 an ounce in the previous session, gold futures are sliding $5 to $1,209.40 an ounce.
On the currency front, the U.S. dollar is trading at 111.30 yen compared to the 111.19 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1662 compared to yesterday?s $.1695.
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