Stocks Mixed Ahead of Fed Chatter, Debt Ceiling Debate

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After an eventful week which saw the three major U.S. indices hit new all-time highs, stock futures are indicating a quiet session as traders retreat to the sidelines ahead of today's Congressional vote concerning the debt ceiling and scheduled appearance by four Fed Presidents. Although they are all geographically close today, their philosophical differences should offer some direction to the markets as their monetary biases ranges from dovish to hawkish.

Overseas markets were equally lethargic ahead of Germany's Federal elections on Sunday and the dearth of economic data. All three major European indices are trading slightly lower and will likely follow the lead of the U.S. for the remainder of the European session.

-Dow Jones Industrial down 0.04%

-S&P 500 futures down 0.07%

-Nasdaq 100 futures down 0.10%

SENTIMENT

Nikkei down 0.16%

Hang Seng up 1.67%

Shanghai Composite up 0.29%

FTSE-100 down 0.14%

DAX-30 down 0.03%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+/-) Chip stocks: mixed

(-) Software stocks: lower

(+/-) Hardware stocks: mixed

(+/-) Internet stocks: mixed

(-) Drug stocks: lower

(+) Financial stocks: higher

(+) Retail stocks: higher

(-) Industrial stocks: lower

(+) Airlines: higher

(-) Autos lower

UPSIDE MOVERS:

AAPL (+1.40%) The latest iPhone models go on sale this morning with consumers lining up in droves in front of Apple's retails stores.

GT (+4.36%) Goodyear Tire confirmed its 2013 outlook for its operating divisions, reinstated its dividend and announced a share buyback program.

JCP (+2.36%) A Dow Jones Newswire report states that Vornado Realty Trust sold shares in the department store at $13.10 apiece.

DOWNSIDE MOVERS:

RNA (-77.21%) Phase III clinical study of drisapersen for the treatment of Duchenne Muscular Dystrophy didn't meet the primary endpoint.

SRPT (-2.97%) GlaxoSmithKline ( GSK ) and Prosensa ( RNA ) said their phase III clinical study for their Duchenne Muscular Dystrophy drug ( DMD ) didn't meet the primary endpoint. Sarepta is developing multiple drug candidates for DMD.

DRI (-4.48%) Reported that fiscal Q1 earnings fell 38% to $0.53 from $0.85 the year earlier, also missing the $0.71 average Capital IQ analyst estimate.



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

Referenced Stocks: DMD , GSK , RNA

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