The major averages are poised to open flat ahead of the afternoon release of the FOMC meeting minutes from May. Investors will be looking for hints on whether the Federal Reserve will possibly raise interest rates at its next meeting in June. On the data front, an update on existing home sales will be released shortly after the opening bell.
In earnings, Lowe’s Companies is losing 3.3% to $79.65 as the home improvement retailer missed estimates on the top and bottom lines. Tiffany & Co is sliding 5.8% to $87.71 after same-store sales posted an unexpected decline this quarter.
European markets are fluctuating near mid-session with the broad Euro STOXX 600 up 0.1%. In stock news, Fiat Chrysler Automobiles NV is losing 1.4% amid reports the U.S. Justice Department sued the Italian-American carmaker over diesel emissions. Elsewhere, the U.K.’s FTSE 100 is adding 0.3% as British stocks look to rebound after declining Tuesday due to a suspected terrorist attack in Manchester. In Asia, Chinese equities edged higher despite Moody’s reducing the credit rating for the world’s second largest economy for the first time since 1989. Moody’s downgraded China’s rating to A1 from Aa3, while changing its outlook to stable from negative.
Treasuries are edging higher with the benchmark 10-year note up 1/32 to yield 2.28%. In commodities, NYMEX WTI crude is slipping 0.1% to $51.44/barrel. COMEX gold is off 0.3% to $1251.90/ounce
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Benjamin J. Chuckrow
Senior Vice President – Branch Manager
Wells Fargo Advisors, LLC