Futures Pointing To Roughly Flat Open On Wall Street - U.S. Commentary
(RTTNews) - After closing mixed for two consecutive sessions, stocks may continue to show a lack of direction in early trading on Wednesday. The major index futures are currently pointing to a roughly flat open for the markets, with the Dow futures up by just 4 points.
Another quiet day on the U.S. economic front may keep some traders on the sidelines ahead of the release of closely watched reports on producer prices and retail sales on Friday.
Financial giants Bank of America (BAC), JPMorgan (JPM), and Wells Fargo (WFC) are also scheduled to release their quarterly results later this week.
Traders are likely to keep an eye on a press conference by President-elect Donald Trump scheduled to begin at 11 am ET.
Ahead of the press conference, the World Bank said Trump's proposed tax cuts and spending plans could boost U.S. and global growth but noted uncertainty about his trade policies adds to risks.
The press conference, Trump's first since late July, comes amid reports that the Russian government has collected compromising information about the incoming president.
Trump blasted the reports in a series of posts on Twitter, calling the news "fake" and accusing "crooked opponents" of trying to belittle his victory.
Among individual stocks, shares of SuperValu (SVU) may come under pressure in early trading after the supermarket operator reported third quarter adjusted earnings that came in well below analyst estimates.
Jewelry retailer Signet Jewelers (SIG) could also move to the downside after saying its same store sales fell 4.6 percent during the holiday season. The company subsequently lowered the high end of its fourth quarter earnings guidance.
Meanwhile, shares of MSC Industrial (MSM) may see early strength after the company reported better than expected first quarter results and provided upbeat guidance.
Stocks turned in another relatively lackluster performance during trading on Tuesday before eventually ending the day mixed. The major averages closed on opposite sides of the unchanged line for the second consecutive session.
The tech-heavy Nasdaq closed higher for the sixth straight session, climbing 20.00 points or 0.4 percent to a new record closing high of 5,551.82. The S&P 500 ended the day unchanged at 2,269.90, while the Dow dipped 31.85 points or 0.2 percent to 19,855.53.
In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance during trading on Wednesday. Japan's Nikkei 225 Index rose by 0.3 percent, while China's Shanghai Composite Index slid by 0.8 percent.
Meanwhile, the major European markets have all moved modestly higher on the day. While the French CAC 40 Index has inched up by 0.1 percent, the U.K.'s FTSE 100 Index and the German DAX Index are both up by 0.3 percent.
In commodities trading, crude oil futures are climbing $0.29 to $51.11 a barrel after tumbling $1.14 to $50.82 a barrel on Tuesday. Gold futures, which inched up $0.60 to $1,185.50 an ounce in the previous session, are rising $2.30 to $1,187.80 an ounce.
On the currency front, the U.S. dollar is trading at 116.14 yen compared to the 115.77 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.0508 compared to yesterday's $1.0554