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Friday, August 25, 2017 7:23 pm

Financial updates

finance-markets16By Benjamin J. Chuckrow
Tuesday, August 22, 2017 Stock index futures are firmly higher Tuesday morning. The Dow and S&P 500 are advancing 0.3% while the Nasdaq is jumping 0.5% in pre-market action.

The major averages are strengthening while government bonds and gold are selling-off as a perceived “risk on” trade is taking hold before the open. With a light slate for earnings and economic news, investors will be looking ahead to the Kansas City Fed’s annual summit in Jackson Hole, Wyoming which begins Thursday. Updates on the data front Tuesday will include FHFA House Price Index and the Richmond Fed’s manufacturing index.

In earnings, Medtronic is off 2.4% to $81.56 while luxury home builder Toll Brothers is losing 2.3% to $37.40 as each company missed Wall Street revenue expectations. Coty is down 7.6% to $18.07 as the cosmetics company missed consensus profit projections. Shoe retailer DSW is jumping 17% to $18.32 after the company reported an unexpected rise in same store sales and announced a $500 million stock buyback.

The Euro STOXX 600 is advancing 0.5% this morning with miners pacing the gains in sympathy with higher commodity prices. In Asia, Japan’s Nikkei 225 fell 0.1% for its fifth-straight daily decline while the Hang Sang in Hong Kong rode strength in Technology stocks to a 0.9% advance.

Treasuries are lower along the curve with the benchmark 10-year note off 8/32 to yield 2.21%. In commodities, NYMEX WTI crude is essentially flat at $47.37/barrel. COMEX gold is slipping 0.6% to $1283.20/ounce while the dollar is rebounding against the yen and euro.

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

37 Henry Street ,Suite 201
Saratoga Springs, NY 12866
518-581-5049 , 1-800-581-5196
Fax 518-581-5055  Cell 518-316-3848
ben.chuckrow@wfadvisors.com
www.chuckrow.wfadv.com

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