Wednesday September 13th


Futures point to a slightly weaker open on Wall Street, as markets overseas underperform

U.S. stock index futures pointed to a slightly weaker open on Wednesday after Wall Street closed at record highs in the previous session. The S&P 500 rose 0.3 percent to close at 2,496.48, achieving intraday and closing records. The Dow Jones industrial average finished at 22,118.86, managing to deliver a record close. The Nasdaq composite closed 0.3 percent higher at 6,454.28, a record closing high. On Wednesday, stocks looked set for a small pullback, with S&P futures slipping 4.75 points, while Dow and Nasdaq 100 futures declined 21 points and 16.25 points, respectively. While investors have been breathing a cautious sigh of relief in recent days as Hurricane Irma wasn't as volatile and catastrophic as predicted, market watchers remain on edge as the next hurricane is expected to make landfall soon. In commodities, oil prices were higher on Wednesday following the latest report by the IEA, with U.S. crude trading around $48.66 per barrel, while Brent was at $54.65. When it comes to data, mortgage applications jumped nearly 10 percent last week amid the lowest rates in almost a year. The Producer Price Index rose 0.2 percent in August, less than expected. ET. The Treasury budget release will then follow, due out at 2 p.m. ET. Elsewhere in individual stock news, Apple had its latest consumer products event on Tuesday, where investors were waiting with bated breath over what the company would launch next. At the event, the tech giant revealed its latest iPhone called the iPhone X, which has prices starting from $999 and will ship from November. The company also put on display its new iPhone 8 and 8 Plus, a new Apple Watch and their Apple TV 4K. Overseas, European stocks were trading under pressure in early market trade, while markets in Asia closed on a mixed note. Japan's Nikkei 225 rose 0.45 percent, or 89.2 points, to close at 19,865.82 on the softer yen. Across the Korean Strait, South Korea's benchmark Kospi index closed down 0.22 percent at 2,360.18. Greater China markets were mixed. Hong Kong's Hang Seng Index was off 0.27 percent by 3:08 p.m. HK/SIN, looking to break a three-day win streak, but mainland markets reversed earlier losses to finish higher. The Shanghai Composite advanced 0.18 percent to close at 3,385.5375 and the Shenzhen Composite gained 0.441 percent to end at 1,994.9765. Gold prices edged higher on Wednesday, underpinned by tensions over North Korea, as investors looked ahead to U.S. inflation data on Thursday that should give clues about the pace of U.S. interest rate rises. Spot gold was up 0.1 percent at $1,332.80 an ounce, after touching $1,322.15 on Tuesday, the lowest since Sept. 1. U.S. gold futures for December delivery were 0.3 percent higher at $1,337.20 an ounce.