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Financial updates

finance-markets16Wednesday, 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%.

Contact your Financial Advisor for additional information.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. ©2019 Wells Fargo Clearing Services, LLC. All rights reserved. CAR# 1018-02987, 0819-00261.

Brought to you by Benjamin J. Chuckrow

Benjamin J. Chuckrow
Senior Vice President – Branch Manager
Wells Fargo Advisors
4 Tower Pl, 9th Floor, Albany, NY 12203

518-464-2714 Cell 518-316-3848

Fax 518-456-3440 , 800-688-1680


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