Stocks Cautiously Higher As Syria and Oil Continue To Overshadow Markets

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Stock futures are mixed this morning after yesterday's deep sell-off with only slim losses for the Dow and S&P futures and the Nasdaq trading unchanged to slightly higher. Geo-political turmoil, however, continues threaten any rebound in prices as traders nervously eye developments tied to Syria, the debt ceiling and Fed tapering. And although today's housing data is expected to show a contraction in pending home sales, a surprise to the upside could also spook investors if statistics provide the Fed with ammunition to restrict liquidity.

Overseas markets were all lower following the lead of the U.S. market on Tuesday. Higher fuel prices coupled with the expectation for a military strike by the U.S. against Syria were the main culprits for the dismal price action, but a drop in German consumer confidence also fueled last night's selling in Europe.

-Dow Jones Industrial down 0.06%

-S&P 500 futures up 0.09%

-Nasdaq 100 futures up 0.09%

SENTIMENT

Nikkei down 1.51%

Hang Seng down 1.60%

Shanghai Composite down 0.11%

FTSE-100 down 0.57%

DAX-30 down 1.40%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: Mixed

(-) Chip stocks: Lower

(+) Software stocks: Higher

(+) Hardware stocks: Higher

(+/-) Internet stocks: Mixed

(-) Drug stocks: Lower

(-) Financial stocks: Lower

(-) Retail stocks: Lower

(+/-) Industrial stocks: Mixed

(-) Airlines: Lower

(+/-) Autos Mixed

UPSIDE MOVERS:

EXPR (+7.78%) Express beat revenue estimates and raised FY 2013 guidance

ASTX (+15.88%) Reported topline results of SGI-110 AML phase 2 study for patients with AML and MDS.

ZLC (+9.93%) Zales reported narrower than expected Q4 loss of $0.25 versus estimates of a $0.33 loss. Revenue also beat estimates.

DOWNSIDE MOVERS:

FRO (-13.51%) Frontline reported a much greater than expected loss of $1.54 for Q2 versus estimates of a $0.54 loss.

QIHU (-6.13%) The stock price declined on $550 million offering of senior convertible notes

JOY (-5.18%) Stock pressured by a 5.3% decline in Q3 profit as sales drop 4.9%.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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