Wall Street's apprehension is accentuated by a slew of data due for release over the course of the New York session. The index futures currently point to a slightly lower open. The results of the New York Fed's manufacturing survey and a housing market survey, both for August, and the July industrial production report are the key data that could provide some trading clues. Earlier in the global trading day, Asian stocks closed on a subdued manner and European stocks are seeing negative sentiment. Commodities and risk currencies are also moving to the downside.
As of 6:15 am ET, the Dow futures are slipping 17 points, the S&P 500 futures are receding 3 points and the Nasdaq 100 futures are moving down 4.75 points.
U.S. stocks closed mixed on Tuesday despite remaining above the unchanged line for much of the session following the release of robust retail sales for July.
Main Street is likely to buzz with activity, with a slew of data due for release today. The results of the New York Federal Reserve's empire state manufacturing surveyis slated to be released at 8:30 am ET. The headline general business conditions index for August is expected to come in at 7 compared to 7.4 in July.
Around the same time, the Labor Department is set to release its consumer price inflation report for July. Economists expect the headline index as well as the core consumer price index to have risen by 0.2 percent each. In June, the headline index was unchanged, while the core reading rose 0.2 percent.
The Treasury Department is due to release a report on the flows of financial instruments into and out of the U.S. for June at 9 am ET.
The Federal Reserve's industrial production report is due out at 9:15 am ET. Economists estimate a 0.5 percent increase in the industrial production performance for July, faster than the 0.4 percent increase in June, while manufacturing output is estimated to have increased by 0.5 percent. Capacity utilization may have declined by 0.7 percentage points to 79.2 percent.
The National Association of Homebuilders is scheduled to release the results of its August survey on homebuilders' confidence at 10 am ET. The consensus estimates call for the index to remain unchanged at 35.
The Energy Information Administration is scheduled to release its weekly petroleum inventory report for the week ended August 10th at 10:30 AM ET. The inventory report released by the American Petroleum Institute late Tuesday showed that crude oil stockpiles rose by 2.78 million barrels to 367.1 million barrels in the week ended August 10th.
In corporate news, Jack Henry & Associates' (JKHY) fourth quarter results were ahead of estimates. Photronics (PLAB) reported third quarter non-GAAP earnings that were ahead of estimates, while its sales were about in line.
Bob Evans (BOBE) reported first quarter earnings that came in below estimates. The company raised its 2013 earnings outlook to $2.67-$2.73 per share, which is above the $2.66 per share consensus estimate. The company's board approved a 10 percent increase in its quarterly dividend.
JDS Uniphase' (JDSU) fourth quarter results exceeded estimates. The company also said it expects first quarter non-GAAP net revenues to be in the range of $415 million to $435 million, which surrounds the consensus estimate. New York Times (NYT) announced the appointment of BBC Director-General Mark Thompson as its next president and CEO.
Agilent (A), Applied Materials (AMAT), Cisco Systems (CSCO), Hot Topic (HOTT), Limited Brands (LTD), NetApp (NTAP), Netease.com (NTES), PETsMART (PETM) and SINA (SINA) are among the companies due to release their quarterly earnings after the markets close.
The major Asian markets closed on a mixed note, tracking the mixed lead from Wall Street overnight. The Japanese, Australian, Hong Kong, Chinese, Singaporean and Taiwanese markets closed lower, while the India, Indonesian, South Korean, Malaysian and New Zealand markets ended in positive territory.
Japan's Nikkei 225 average closed down 4.84 points or 0.05 percent at 8,925. Technology and resource stocks led the declines, which defensive stocks bucked the downtrend. Australia's All Ordinaries closed down 10.40 points or 0.24 percent at 4,307. Material and energy stocks came under selling pressure, while healthcare stocks advanced strongly. Hong Kong's Hang Seng Index closed at 20,052, down 239.39 points or 1.18 percent.
A report released by Westpac and the Melbourne Institute showed that Australia's consumer confidence deteriorated in August. The index measuring consumer sentiment fell 2.5 percent to 96.6 in August.
The major European averages are moving to the downside after advancing strongly on Tuesday. The minutes of the Bank of England's August monetary policy meeting showed that the nine-member monetary policy committee unanimously decided to maintain interest rate unchanged at 0.50 percent and also hold the size of its quantitative easing at 375 billion pounds.
The number of U.K. individuals claiming jobless benefits fell 5,900 in July, according to a report released by the U.K. Office for National Statistics. Economists expected claimant count to increase by 6,000. The unemployment rate calculated based on ILO standards fell 0.1 points to 8 percent in the three months ended June.
by RTT Staff Writer
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