By Benjamin J. Chuckrow
Friday, September 22, 2017 – Stock index futures are indicating a lower open Friday. The Dow is down 0.1%. The S&P 500 is off 0.2% in the pre-market. The Nasdaq 100 is trading 0.3% below fair value on GLOBEX.
U.S. equities are poised to decline attributed to geopolitical risks weighing on investor sentiment after a North Korean official said the country may consider a nuclear test of “unprecedented scale in the Pacific Ocean. On the data front, research firm Markit is expected to report manufacturing expanded modestly while activity in the service sector slipped slightly in September. Fed Presidents Esther George and Robert Kaplan are scheduled to speak at a central bank conference in Oklahoma.
In earnings news, CarMax is gaining 2.6% to $70.65 after the auto dealer posted quarterly results above consensus estimates. Over in Technology, Apple is down 0.6% to $152.50 as it begins shipping its latest version of the iPhone today. Sprint is advancing 3.5% to $8.31 and T-Mobile is 1.4% higher at $64.25 amid reports the companies are close to a merger agreement
European markets are little changed at midsession. The FTSE is gaining 0.1% in London. The DAX is essentially unchanged in Frankfurt. Asia was broadly lower overnight. The Nikkei declined 0.3% in Tokyo. China’s Shanghai Composite slipped 0.2% on the session.
Treasuries are up with the benchmark 10-year note increasing 6/32 to yield 2.25%. In commodities, NYMEX WTI crude is off 0.5% to $50.33/barrel. COMEX gold is adding 0.2% to $1292.70/ounce amid a generally weaker dollar.
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