By Benjamin J. Chuckrow
Wednesday, January 17, 2018 – Stock index futures are indicating a higher opening Wednesday. The Dow is adding 0.4% in the pre-market. The S&P 500 and the Nasdaq 100 are both climbing 0.3% in early trading.
The major averages are poised to advance following Monday’s choppy session which saw the market decline after opening sharply higher. Corporate profits remain in focus today as several notable financial companies are set to report. On the data front, a release is anticipated to reveal industrial production in the U.S. increased in December, capping a solid year for domestic industrial production. In central bank news, Dallas President Robert Kaplan said he expects Fed will need to raise interest rates three times this year and perhaps even more to prevent the economy from overheating.
In earnings news, Goldman Sachs is falling 0.6% to $256.94 after a mixed earnings release as profits topped forecasts but trading revenue declined 50% in the most recent quarter. Bank of America is adding 0.5% to $31.41 after posting revenues above consensus estimates even with a one-time charge related to the new tax law.
European markets are mostly lower at midsession. The FTSE is down 0.2% in London. The DAX is falling 0.1% in Frankfurt. In Asia overnight, the Nikkei lost 0.3% in Tokyo. China’s Shanghai Composite gained 0.2% on the session.
Treasuries are lower sending yields higher this morning. The 10-year note yield is up one basis point to 2.55%. In commodities, NYMEX WTI crude is losing 0.3% to $63.56/barrel. COMEX gold is losing 0.1% to $1336.20/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