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Friday, March 22, 2019 6:51 pm

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Financial updates

finance-markets16By Benjamin J. Chuckrow
Friday, March 22, 2019 – Stock index futures are indicating a lower open Friday. The Dow is off 0.7% while the S&P 500 is losing 0.6% in pre-market action. The Nasdaq 100 is trading 0.6% below fair value on the GLOBEX.

U.S. equities are poised to decline as a series of weak economic updates out of Europe is weighing on investor sentiment. Yesterday, the major averages posted solid gains as strength in the Technology sector provided a tailwind to the market. On the data front, investors will assess preliminary readings from Markit on both manufacturing activity and service sector activity. Rounding out the data calendar today are updates on existing home sales in February as well as wholesale inventory levels for January.

In corporate news, Nike is off 5.1% to $83.62 even after the athletic apparel maker topped analyst earnings on both the top and bottom line. Shares of Tiffany & Co are off 4.6% to $95.50 after the luxury retailer topped profit projections but revealed a 1% decrease in comparable sales.

European markets are lower near mid-session following a weak manufacturing update out of Germany. The Euro STOXX 600 is down 0.8%, while the U.K.’s FTSE 100 and Germany’s DAX are off 1.4% and 0.8% respectively. Overnight in Asia, China’s Shanghai Composite added 0.4%, while Japan’s markets were closed for a holiday.

Treasuries are strengthening with the yield on the 10-year note down five basis points to 2.48%. In commodities, NYMEX WTI crude is losing 1.4% to $59.18/barrel. COMEX gold is adding 0.2% to $1,310.40/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
Stuyvesant Plaza Complex
Wells Fargo Advisors
4 Tower Pl, 9th Floor, Albany, NY 12203

518-464-2714 Cell 518-316-3848

Fax 518-456-3440 , 800-688-1680
ben.chuckrow@wfadvisors.com
www.chuckrow.wfadv.com

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