The major U.S. index futures are pointing to a modestly higher opening on Wednesday, trimming most of their Asian session losses. The reversal in sentiment was despite oil still trading notably lower. Earnings report are giving a solid thrust to the markets, with healthcare and biotechnology as well as tech stocks reporting solid results. The dollar is mixed. Traders may also focus on the existing home sales data due shortly after the markets open. However, earnings buoyancy could help the markets survive any selling proclivity. U.S. stocks ended Tuesday's session mixed, as buoyancy imparted by higher commodity prices was partly offset by some disappointing earnings The major averages opened higher but turned mixed immediately after. The Dow Industrials and the S&P 500 Index stayed above the unchanged line till early afternoon trading. After briefly turning negative, the indexes recovered by the mid-session and rose steadily thereafter to end modestly higher. The Dow Industrials ended up 49.44 points or 0.27 percent at a fresh 9-month high of 18,054, and the S&P 500 Index closed 6.46 points or 0.31 percent higher at 2,101. Meanwhile, the Nasdaq Composite Index spent the better part of the session below the unchanged line before ending down 19.69 points or 0.40 percent at 4,940. Twenty-one of the thirty Dow components ended the session higher, but nine stocks retreated. UnitedHealth (UNH), Johnson & Johnson (JNJ), Goldman Sachs (GS), JP Morgan Chase (JPM), DuPont (DD), Chevron (CVX) and American Express (AXP) rose notably, while IBM (IBM) slumped 5.59 percent and Home Depot (HD) lost close to 1 percent. Among the sectors, resource, transportation, and banking stocks gained ground, while semiconductor and biotechnology stocks came under selling pressure. On the economic front, the Commerce Department reported that housing starts came in at a seasonally adjusted annual rate of 1.089 million units in March, down 8.8 percent from an upwardly revised reading of 1.194 million units in February. Economists expected a 1.167 million-unit rate. Weakness was evident in both single-family and multi-family starts. Building permits, considered an indicator of future starts, fell 7.7 percent to a 1.086 million-unit rate compared to the consensus estimate of 1.177 million units. Currency, Commodity Markets Crude oil futures for May delivery are sliding $0.77 to $41.70 a barrel after jumping $1.30 to $41.08 a barrel on Tuesday. Meanwhile, an ounce of gold for June delivery is currently trading at $1,253.10 down $1.20 the previous session's close of $1,254.30. On Tuesday, gold rallied $19.30. On the currency front, the U.S. dollar is trading at 109.19 yen compared to the 109.21 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1383 compared to yesterday's $1.1358. Asia The major Asian markets closed mixed, with the Japanese, Australian, New Zealand and Indian markets advancing, while most other markets retreated. The lackluster close on Wall Street overnight and the pullback by commodities weighed on the markets. The Japanese market ended higher, although well off its early highs, as the yen stayed close to its recent lows. The Nikkei 225 Index opened higher but gave back its gains by late afternoon trading. After briefly dipping below the unchanged line, the index recovered and held above the flat line before ending up 32.10 points or 0.19 percent at 16,907. Food, resource, real estate and pharma stocks gained ground. Exports stocks were mixed, with automakers coming under intense selling pressure. On the other hand, construction, retail, financial and telecom stocks moved to the downside. Mitsubishi slumped 15.16 percent after it admitted to misconduct in fuel economy tests. Australia's All Ordinaries Index hovered in positive territory throughout the session before ending up 26.50 points or 0.50 percent at 5,281. Led by material, energy and industrial stocks, the index reached a more than three-month high. Meanwhile, China's Shanghai Composite Index slumped 70.24 points or 2.31 percent before ending at 2,973, and Hong Kong's Hang Seng Index ended at 21,236, down 199.90 points or 0.93 percent. Data released by the Japanese Ministry of Finance showed a trade surplus of 754.99 billion yen in March compared to a surplus of 242.2 billion yen in February. Economists, however, expected a bigger surplus of 819.1 billion yen. Exports were down 6.8 percent year-over-year, while imports fell 14.9 percent. Europe European stocks opened lower and traded in a broad range in the morning, as traders digested corporate news and the commodity weakness. By mid-session, the major averages in the region have cut their losses and are currently mixed. In major corporate news, ARM Holdings (ARMH), which supplies chips to Apple (AAPL), reported higher first quarter profits and revenues. SAP (SAP) released final first quarter results, confirming the preliminary results and reaffirming its 2016 guidance. Chip equipment maker ASML (ASML) reported a decline in its first quarter sales, although the drop was in line with expectations. The company forecast higher sales for the second quarter. ABB (ABB) reported lower first quarter profits and revenues. Swiss agri-input company Syngenta said its deal to be acquired by ChemChina is on track. In its production update, BHP Billiton (BHP) lowered its iron ore production forecast. On the economic front, the unemployment rate in the U.K. remained unchanged at a 10-year low of 5.1 percent in the three months ended in February, according to data released by the U.K. Office of National Statistics. Average earnings, including bonuses, rose 1.8 percent year-over-year. The number of people claiming jobseekers' allowances rose by 6,700 in March, defying expectations for a decline of 10,000. The German Federal Statistical Office reported that producer prices in Germany fell 3.1 percent year-over-year in March, faster than the 3 percent drop in February and the steepest decline since January 2010. Economists expected a 2.9 percent decrease. Energy prices plunged 9.2 percent and stripping off energy prices, prices fell a mere 0.9 percent. On a monthly basis, prices were unchanged compared to expectations for a 0.2 percent increase. U.S. Economic Reports The National Association of Realtors is due to release its existing home sales report for March at 10 am ET. Economists expect existing home sales to rise to 5.268 million units for the month. Existing home sales came in at a seasonally adjusted annual rate of 5.080 million units in February compared to a 5.47 million unit-rate in January. Economists expected a reading of 5.305 million units. The February rate reflects a monthly drop of 7.1 percent but annual growth of 2.2 percent.
Single-family sales fell 7.2 percent and condominium sales were down 6.6 percent. The median price of an existing home was down 1.4 percent month-over-month to $210,800. Existing home inventories rose 3.3 percent month-over-month to 1.880 million units, while in terms of months of supply, inventories rose to 4.4 months from 4 months. At 10:30 am ET, the Energy Information Administration is scheduled to release its petroleum status report for the week ended April 15th . Crude oil stockpiles increased by 6.6 million barrels to 536.50 million barrels in the week ended April 2nd. Stockpiles were at historically high levels for this time of the year. Distillate inventories rose by 0.5 million barrels and were well above the upper limit of the average range for this time of the year. Meanwhile, gasoline inventories fell by 4.2 million barrels but were well above the upper limit of the average range. Refinery capacity utilization averaged 89.90 percent over the four weeks ended April 8th compared to 89.80 percent for the four weeks ended April 1st. Stocks in Focus Intel (INTC) announced restructuring initiatives, including the elimination of 12,000 jobs, amid a slowing PC market. The company reported better than expected first quarter earnings but lowered it full year revenue growth guidance. Yahoo (YHOO) reported above-consensus adjusted earnings and revenues for its first quarter. The company's second quarter revenue guidance was weak, although its full year guidance was in line. VMWare's (VMW) first quarter results exceeded estimates. Manhattan Associates (MANH) also reported better than expected first quarter results and raised its guidance for the full year. Intuitive Surgical (ISRG) reported first quarter non-GAAP earnings and revenues ahead of expectations. Discover Financial Services (DFS) reported above-consensus earnings per share for its first quarter and a small increase in net revenues. Linear Technology (LLTC) reported better than expected third quarter earnings and its revenues were up 4 percent. The company's forecast for 2-5 percent sequential growth in revenues was in line. Lexmark (LXK) announced a deal to be acquired by a consortium led by Apex Technology and PAG Asia Capital for $40.50 per share in cash. The total deal value is $4 billion. The deal is expected to close in the second half of 2016. Standard & Poor's announced that Global Payments (GPN) will replace GameStop (GME) in the S&P 500 Index, while GameStop will replace Global Payments in the S&P MidCap 400 Index. Chuy's Holdings (CHUY) is set to replace Heartland Payment (HPY) in the S&P SmallCap 600 Index, as Heartland has agreed to be acquired by Global Payments. Coca-Cola (KO) beat earnings estimate by a penny, while its revenues just missed estimates. The company guided to 4-6 percent currency neutral earnings per share growth and 4-5 percent organic revenue growth for 2016.
Abbott (ABT) reported better than expected first quarter results and it raised its full year guidance. St. Jude's (STJ) first quarter results trumped estimates. The company raised its full year adjusted earnings per share guidance.
DISH Network's (DISH) first quarter earnings per share were substantially above estimates, although revenues were slightly below estimates.
Canadian Pacific (CP) announced a 6.91 million stock buyback program and a 43 percent increase to its dividend after reporting forecast-beating first quarter adjusted earnings. However, sales trailed estimates.
Tupperware (TUP) reported better than expected first quarter adjusted earnings per share but its revenues missed estimates.
American Express (AXP), Citrix Systems (CTXS), F5 Networks (FFIV), Kinder Morgan (KMI), Knight Transportation (KNX), Lam Research (LRCX), Las Vegas Sands (LVS), Mattel (MAT), Newmont Mining (NEM), Packaging Corp. of America (PKG), Qualcomm (QCOM), Sallie Mae (SLM), Steel Dynamics (STLD), Stryker (SYK), United Continental (UAL), Yum! Brands (YUM) and United Rentals (URI) are among the companies due to release their quarterly results after the close of trading.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.