The Dow is rising 0.3% while the S&P 500 is up 0.2% in pre-market action. The Nasdaq 100 is trading 0.1% above fair value on the GLOBEX. The major averages are poised to advance amid global trade optimism following an agreement between South Korea and the United States.
On the data front, investors will digest the Conference Board’s latest reading on consumer confidence. Housing price figures, as well as an update on manufacturing in the Richmond Fed district will round out the docket.
In central bank news, the Fed kicks off its two-day policy summit today. In earnings, FactSet is down 5.1% to $219.87 while IHS Markit is losing 2.7% to $52.80 after both financial information providers released disappointing quarterly reports.
In M&A news, Michael Kors is off 0.3% to $66.50 after announcing the purchase of Italy’s Versace brand. European bourses are higher at mid-session. The Euro STOXX 600 is climbing 0.5%. Italy’s FTSE MIB is rallying 1.2% as investors eye a draft of the nation’s latest budget proposal, due Thursday.
In Asia overnight, the Shanghai Composite reopened from a market holiday to a 0.6% loss after the U.S. and China backed out of bilateral trade talks. Treasuries are weaker along the curve, with the yield on the benchmark 10-year note climbing two basis points to 3.10% after touching 3.11% earlier this morning, its best level since May.
In commodities, WTI crude is up 0.5% to $72.45/barrel. COMEX gold is adding 0.1% to $1200.80/ounce amid a weaker dollar.
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Benjamin J. Chuckrow
Senior Vice President – Branch Manager
Wells Fargo Advisors, LLC