Stock futures were little changed today after six straight days
of gains as the US pauses its push for attacks on Syria.
Last night, President Obama made his case for taking action in
Syria in a televised address. He asked Congress to delay a vote on
military strikes while the US, Russia, and Syria try to find a
diplomatic solution, such as Syria handing over its chemical
weapons to the international community.
Asian and European indices were mostly higher today, and US index
futures are slightly lower.
(INDEXDJX:.DJI) futures were flat at 15,173 while futures contracts
(INDEXSP:.INX) fell 0.10% to 1,680.80.
(INDEXNASDAQ:.IXIC) futures sank 0.40% to 3,170.00.
On today's economic calendar, we have US wholesale trade, which
measures the value of sales and inventories held by wholesalers,
coming out at 10 a.m. Economists expect the indicator to register a
0.3% rise in July after falling 0.2% in June.
) reported that it received orders for $90 billion in corporate
debt. The company initially planned to raise only $20 billion to
fund its purchase of
) stake in Verizon Wireless. Even at $20 billion, this is the
largest-ever offering of corporate debt.
After officially debuting two new iPhone handsets, including a
cheaper one aimed at emerging markets customers,
) finally snagged a license to sell its phones to
) customers. Apple shares declined yesterday after the company
announced that the long-awaited "cheap" iPhone will still be priced
out of reach of most Chinese customers. Both
Bank of America
(CS) lowered Apple to neutral after yesterday's product unveiling.
The Federal Reserve is expected to rule soon on new limits on
banks' involvement in physical commodities.
(GS) has come under particular scrutiny for its use of metals
warehouses, which some companies blame for shipping delays.
A number of prominent economists, including Jeffrey Sachs, Joseph
Stiglitz, Christina Romer, and Robert Shiller have signed a letter
to President Obama urging him to nominate Janet Yellen as the next
chairperson of the Federal Reserve. The other hopeful for the seat
is Larry Summers.