Tueday September 12th

12-09-2017

US futures point to a higher open ahead of Apple event

U.S. stock index futures pointed to a higher open on Tuesday as Wall Street turns its sights to a key Apple event. Dow Jones industrial average futures rose 57 points, while S&P 500 and Nasdaq 100 futures gained 4 points and 14.5 points, respectively. The tech giant Apple will host its latest consumer technology product event on Tuesday. Several announcements are set to take place on Tuesday by the smartphone maker, with Wall Street expecting a new Apple TV, three new iPhones and a new Apple Watch to be on the cards during the event. Shares of Apple rose 0.75 percent in the premarket. In the previous session, Wall Street ended on a high note as the damage from Hurricane Irma didn't appear to be as bad as feared. During trade, the Dow Jones industrial average rose sharply higher, closing up 259.58 points at 22,057.37. The positive sentiment provided a boost to markets in Asia and Europe during Tuesday's trade, with both regions edging higher on Tuesday. Asian markets also advanced as tensions with North Korea dissipate. The United Nations Security Council stepped up pressure on the nation's textile exports and capped imports on crude oil. Japan's Nikkei 225 rose 1.18 percent, or 230.85 points, to close at 19,776.62 as the dollar held onto most overnight gains against the yen. Across the Korean Strait, the Kospi gained 0.27 percent to close at 2,365.47. Greater China markets, meanwhile, were mostly flat. The Hang Seng Index edged up 0.04 percent by 3:15 p.m. HK/SIN after trading sideways for most of the session. On the mainland, the Shanghai Composite advanced 0.11 percent to close at 3,380.2892 but the Shenzhen Composite slid 0.277 percent to end at 1,986.2081. On the data front, the U.S. Labor Department's latest Job Openings and Labor Turnover Survey (JOLTS) report is due out at 10 a.m. ET. On the commodities front, oil prices fluctuated on Tuesday, even though concerns surrounding the economic impact of the likes of Hurricane Irma and Hurricane Harvey eased. At 8:24 a.m. ET, U.S. crude traded at $48.35 per barrel, while Brent was at $54.22. After a turbulent weekend, Hurricane Irma was downgraded from a Category 5 hurricane to a post-tropical cyclone, according to the latest update by the U.S.' National Hurricane Center. On Tuesday, Irma is currently moving its way across the South East of the U.S. Gold fell to its lowest in more than a week on Tuesday as easing concerns over North Korea's nuclear ambitions and the impact of Hurricane Irma tempered demand for the metal as a haven from risk while the dollar strengthened. World stocks hit record highs for a second straight day on Tuesday as investors opted for nominally higher risk-assets over havens such as gold, bonds and the Japanese yen. Spot gold hit its lowest since Sept. 1 at $1,322.15 an ounce in early trade and was at $1,324.17, down 0.2 percent. On Monday it slid 1.4 percent in its biggest one-day drop in two months.