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Candle Lighting Time for Albany, NY:
Friday, November 16, 2018 4:13 pm

Financial updates

finance-markets16By Benjamin J. Chuckrow
Friday, November 16, 2018 – Stock index futures are indicating a lower open Friday. The Dow is off 0.7%, while the S&P 500 is losing 0.8% in pre-market action. The Nasdaq 100 is trading 1.4% below fair value on the GLOBEX.

The major averages are poised to decline as weakness in chipmakers is weighing on investor sentiment. Yesterday, Technology shares rebounded and helped the S&P 500 snap a five session losing streak. Geopolitical concerns are also garnering attention today as investors await further clarity on Brexit plans and updates on trade relations between the U.S. and China. On the data front, a survey is anticipated to reveal industrial production increased 0.2% in October after posting a 0.3% advance in September.

In earnings, NVIDIA is tumbling 18.2% to $165.53 after the chip-maker missed revenue projections and lowered its forward guidance. Shares of Nordstrom are falling 11.6% to $52.15 after the retailer announced a one-time charge off that totaled $72 million.

European bourses are lower near mid-session. The Euro STOXX 600 is losing 0.4% with major European banks underperforming. The FTSE 100 is falling 0.6% in London as the pound rebounds 0.4%. Overnight in Asia, Japan’s Nikkei 225 fell 0.6% as semi-conductors lagged. Meanwhile, the Shanghai Composite added 0.4% while the Shenzhen Composite gained 0.8%.

Treasuries are strengthening with the yield on the benchmark 10-year note down two basis points to 3.09%. In commodities, WTI crude is jumping 2.0% to $57.56/barrel, but remains on pace for its sixth straight weekly decline. COMEX gold is up 0.2% to $1,217.70/ounce amid a slightly 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

37 Henry Street, Suite 201
Saratoga Springs, NY 12866
518-581-5049, 1-800-581-5196
Fax 518-581-5055  Cell 518-316-3848


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