Wednesday, September 18, 2019 – U.S. futures are poised to open lower Wednesday as investors await U.S. central bank updates with a policy decision due out later this afternoon. The Dow is down 0.1%, while the S&P 500 and Nasdaq 100 are both losing 0.2% in pre-market action.
On the data front, MBA mortgage applications edged down 0.1% in the most recent week following a 2% increase during the prior period. A separate report showed Housing Starts reached the highest level since 2007. Yesterday, the Federal Reserve Bank of New York injected $53 billion into the banking system to help stabilize a liquidity shortage in the repo market. A second round of $75 billion was also deployed this morning. The yield on the 10-year note is down four basis points to 1.77%.
In earnings, FedEx is sliding 10.8% after missing analyst estimates on both the top and bottom line and lowering its full-year guidance. General Mills is losing 2.7% after its quarterly sales came in short of Wall Street estimates. Adobe is slipping 2.8% following its disappointing revenue forecast. Chewy is off 0.8% despite the pet products seller delivering better-than-expected quarterly numbers. In commodities, WTI crude is declining 1.3% as Saudi Arabia stated it will restore the disruption in oil supplies by the end of September.
Overnight in Asia, China’s Shanghai Composite gained 0.3%, while Hong Kong’s Hang Seng fell 0.1%. Over in Europe, the FTSE 100 is adding 0.2% near mid-session, while the German DAX and Euro STOXX 600 are up 0.1%.
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