Wednesday January 24th

24-01-2018

Dow futures rise 100 points, point to record open

U.S. stock index futures rose on Wednesday as the corporate earnings season rolled on. Dow Jones industrial average futures climbed 100 points, and indicated a record open for the 30-stock index. S&P 500 futures also pointed to a record open, rising 7.25 points. Nasdaq 100 futures gained 16 points. General Electric and Stanley Black & Decker are among the companies that reported earnings before the bell. GE shares rose 1.8 percent after the company reported, while Stanley Black & Decker remained flat. Baker Hughes and United Technologies also posted quarterly results. Companies set to report after the bell include Whirlpool, Ford and Lam Research. The S&P 500 and Nasdaq composite closed at record highs on Tuesday, while the Dow ended the session slightly lower. Investors also digested the end of the U.S. government shutdown. Over the weekend, the U.S. government shut down after a bill that would have kept it funded was voted down in the Senate. This marked the first U.S. government shutdown since 2013. Shutdown concerns lingered on Wall Street on Monday; however, by the end of trade, major indexes hit all-time highs after it emerged the Senate had enough votes to stop the shutdown. They continued to post strong gains during Tuesday's session. However, the positive sentiment on Wall Street was not echoed by international markets. On Wednesday, Asia-Pacific markets closed mixed while European stocks were under pressure in morning trade. The Nikkei 225 slid 0.76 percent, or 183.37 points, to close at 23,940.78 one day after the index hit a fresh 26-year high. Over in Seoul, the benchmark Kospi index closed higher by 0.06 percent at 2,538. The Hang Seng Index reversed early losses to climb 0.19 percent by 3:03 p.m. HK/SIN. Hong Kong's benchmark index, which closed higher for the sixth consecutive session on Tuesday, is trading more than 9 percent higher year-to-date. On the mainland, the Shanghai composite rose 0.4 percent to end at 3,560.73, extending gains after trading at its highest levels in two years in the last session. The Shenzhen composite advanced 0.51 percent to finish the session at 1,960.93. Concerns surrounding global trade weighed on sentiment after President Donald Trump approved tariffs on solar cells and washing machines imported to the U.S. on Tuesday. South Korea said it would bring the matter to the World Trade Organization.On the data front, the FHFA House Price Index at is due 9 a.m. ET; the IHS Markit flash U.S. composite purchasing managers' index (PMI) data at 9:45 a.m. ET; and existing home sales at 10 a.m. ET. Oil prices were mixed on Wednesday, as data indicating an increase in U.S. crude oil and gasoline inventories weighed on futures. Brent futures eased 9 cents to $69.87 a barrel by 8:42 a.m. ET (1342 GMT), after climbing above $70 this month for first time since 2014. U.S. West Texas Intermediate (WTI) futures were up 19 cents at $64.66 a barrel, near a recent three-year high of $64.89. Gold prices hit the highest in more than four months on Wednesday after a U.S. official welcomed a weaker dollar and investors sought insurance against uncertainty. Spot gold was up 0.7 percent at $1,350.43 per ounce at 1042 GMT, while U.S. gold futures for February delivery climbed 1 percent to $1,349.80 per ounce.