MARKET SNAPSHOT: U.S. Stock Futures In Holding Pattern Ahead Of Fed Speakers, OPEC News
September 28 2016 - 8:06AM
Dow Jones News
By Anora Mahmudova and Victor Reklaitis, MarketWatch
Tempur Sealy poised for a big down day after cutting outlook
U.S. stock futures traded roughly flat Wednesday, putting
equities on track to catch their breath after the prior day's gain,
which was credited in part to the outcome of the first U.S.
presidential debate.
Market reaction to soft durable-goods orders was muted.
Investors are waiting for a big dose of Federal Reserve speeches
and more signals from a key meeting of major oil producers.
S&P 500 futures were about unchanged at 2,152.50, while Dow
Jones Industrial Average futures added 4 points, or less than 0.1%,
to 18,143. Nasdaq-100 futures gained 1.50 points, or less than
0.1%, to 4,862.25.
On Tuesday, the S&P 500 closed 0.7% higher
(http://www.marketwatch.com/story/us-stocks-set-for-upbeat-open-as-markets-cheer-clinton-debate-win-2016-09-27),
while the Dow gained 0.7%, or 133 points. Analysts said investors
bet that Hillary Clinton benefited more from Monday night's
presidential debate
(http://www.marketwatch.com/story/financial-markets-say-clinton-beat-trump-in-the-debate-2016-09-26),
with stocks rising because the Democrat is widely seen as less
unpredictable than her Republican rival Donald Trump.
The Fed front: Chairwoman Janet Yellen is due to testify about
regulation and supervision before a House panel on financial
services at 10 a.m. Eastern.
Elsewhere, St. Louis Fed President Jim Bullard is expected to
deliver opening remarks at the St. Louis Fed's conference on
community banking at 10:15 a.m. Eastern. Chicago Fed President
Charles Evans is slated to speak at 1:30 p.m. Eastern about the
economy at that same confab.
Cleveland Fed President Loretta Mester is expected to make
remarks on the economic outlook and monetary policy at a forum in
the Cleveland area at 4:35 p.m. Eastern.
Kansas City Fed President Esther George will give a speech at
the Forum for Minority Bankers, speaking about the economy,
payments system and leadership strategies.
In other economic news, orders for durable or long-lasting goods
flattened out in August
(http://www.marketwatch.com/story/durable-goods-orders-lose-steam-in-august-2016-09-28)after
a sizable gain in the prior month, pointing to ongoing difficulties
for American manufacturers.
Check out:
Oil meeting:Crude-oil prices
(http://www.marketwatch.com/story/crude-higher-but-market-faces-long-wait-for-next-opec-move-on-output-2016-09-28)
traded higher as energy traders watched for headlines from a
meeting of the Organization of the Petroleum Exporting Countries
that is expected to end with no deal to freeze output.
"It's likely to be a busy day for financial markets with plenty
of economic data, speeches from central bankers and the outcome of
the informal OPEC meeting all to come throughout the session," said
Craig Erlam, senior market analyst at Oanda, in a note.
Read:Why China is the oil 'wild card' that could overrule any
OPEC moves
(http://www.marketwatch.com/story/why-china-is-the-wild-card-that-could-overrule-any-opec-moves-2016-09-27)
Other markets: European stocks climbed, while Asian markets
closed mostly lower
(http://www.marketwatch.com/story/nikkei-leads-asia-lower-on-bank-losses-yen-strength-2016-09-28).
Gold futures inched down, and a key dollar index edged up.
Corporate news: Shares in Tempur Sealy International Inc.(TPX)
dived 24% in premarket action after the mattress company lowered
its 2016 guidance late Tuesday
(http://www.marketwatch.com/story/tempur-sealy-shares-fall-as-2016-outlook-cut-2016-09-27).
Nike Inc.'s stock (NKE) lost 2% premarket as the sportswear
giant's quarterly report late Tuesday indicated a slowdown in
growth
(http://www.marketwatch.com/story/nike-sales-and-profit-rise-orders-growth-slows-2016-09-27)
for a measure of future sales.
Alphabet Inc.(GOOGL)(GOOGL) was 0.7% lower after Google's parent
company was downgraded to underperform at Wedbush, which cited
concerns about a new approach for the company's search ads
(http://www.marketwatch.com/story/alphabet-shares-dip-premarket-as-wedbush-downgrades-to-underperform-2016-09-28).
Deutsche Bank AG's U.S.-listed shares (DBK.XE)(DBK.XE) advanced
2% following news the troubled German lender is selling an
insurance business
(http://www.marketwatch.com/story/european-stocks-erase-monthly-loss-as-oil-firms-deutsche-bank-rally-2016-09-28),
as the country's government denied a report it is readying a rescue
plan for the bank
(http://www.marketwatch.com/story/german-government-preparing-rescue-plan-for-deutsche-bank-report-2016-09-28).
See:Deutsche Bank's woes not a Lehman moment, says UBS chairman
(http://www.marketwatch.com/story/deutsche-banks-woes-not-a-lehman-moment-says-ubs-chairman-axel-weber-2016-09-28)
BlackBerry Ltd.(BB.T) was among the companies reporting earnings
before the open. The stock was up 6% premarket after the ailing
smartphone company and named a new chief financial officer.
Embattled banking giant Wells Fargo & Co.(WFC) said late
Tuesday that the company's head of community banking, Carrie
Tolstedt, has left the company
(http://www.marketwatch.com/story/wells-fargo-executive-departs-as-probe-into-scandal-launches-2016-09-27)
. At the same time, CEO John Stumpf has recused himself from a
probe and agreed to forfeit outstanding equity awards worth about
$41 million. Wells Fargo, rocked by a scandal involving employees
opening accounts without customers' knowledge, also said
independent directors and a law firm are investigating its
practices. Shares were slightly higher in thin premarket
trading.
(END) Dow Jones Newswires
September 28, 2016 08:51 ET (12:51 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.