By Benjamin J. Chuckrow
Friday, March 16, 2018 – Stock index futures are mixed Friday. The Dow and Nasdaq 100 are both down less than 0.1% in pre-market action. The S&P 500 is trading 0.1% above fair value on GLOBEX.
U.S. equities are poised to open little changed amid concerns surrounding the political landscape. Investors appear cautious heading into today’s session following reports that President Trump may be considering removing H.R. McMaster as his national security advisor. The White House responded by saying there are no more changes expected in the administration. Yesterday the major averages finished mixed after news that U.S. Special Counsel Robert Mueller issued a subpoena related to President Trump’s businesses. On the economic front, reports showed housing starts fell 7.0% and building permits decreased 5.7% in February. A preliminary reading from the University of Michigan later this morning may say consumer sentiment declined modestly in March.
Shares of Tiffany are falling 7.5% to $95.26 even after the jeweler posted quarterly results above consensus estimates. Shares of Adobe are gaining 4.0% to $227.70 as the software maker’s profits topped analyst projections. In other news, Nike is up 0.1% to $66.48 after announcing its president is stepping down.
European markets are up at midsession with the FTSE gaining 0.2% in London and DAX adding 0.1% in Frankfurt. In Asia overnight, the Nikkei fell 0.6% in Tokyo and China’s Shanghai Composite lost 0.7% on the session.
Treasury yields are little changed with the benchmark 10-year note flat at 2.83%. In commodities, NYMEX WTI crude is gaining 0.3% to $61.34/barrel. COMEX gold is up 0.2% to $1320.20/ounce.
This information was prepared by or obtained from sources that Wells Fargo Advisors believes to be reliable, but its accuracy is not guaranteed. The report herein is not a complete analysis of every material fact in respect to any company, industry or security. The opinions expressed here reflect the judgment of the authors as of the date of the report and are subject to change without notice. Any market prices are only indications of market values and are subject to change. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Contact your Financial Advisor for additional information.
Benjamin J. Chuckrow
Senior Vice President – Branch Manager
Wells Fargo Advisors, LLC