US Stocks Flat as Fed Decision on Tapering Looms; CPI Edges 0.1% Higher


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US stock futures were nearly unchanged ahead of the U.S. Federal Reserve's two-day meeting starting today, at which the Fed is expected to decide on a reduction in its $85-billion-a-month asset purchase program. Economists are expecting a token $10 billion-$15 billion reduction in the program as recent economic data, including job creation and participation in the workforce, have come in below expectations.

Today, the Bureau of Labor Statistics said the August consumer price index

rose 0.1%, as expected.

In equities, Kythera Biopharmaceuticals ( KYTH ) soared 29% after Goldman Sachs initiated coverage with a neutral rating and a $37.00 price target. Lloyds Banking Group ( LYG ) fell 3% after the U.K. government sold an initial 6% stake in the bank at a 3%-discount.


-Dow Jones Industrial up 0.05%

-S&P 500 futures up 0.01

-Nasdaq 100 futures up 0.11%

-Nasdaq-100 Pre-Market Indicator down 0.04%


Nikkei down 0.65%

Hang Seng down 0.31%

Shanghai Composite down 2.05%

FTSE-100 down 0.45%

DAX-30 up 0.24%


(+/-) Large cap tech: mixed

(+/-) Chip stocks: mixed

(+/-) Software stocks: mixed

(+/-) Hardware stocks: mixed

(+/-) Internet stocks: mixed

(+/-) Drug stocks: flat

(-) Financial stocks: lower

(+) Retail stocks: higher

(-) Industrial stocks: lower

(+) Airlines: higher

(+/-) Autos: mixed


(+) RPRX (+33.82%) On meeting endpoint in study on drug for secondary hypogonadism

(+) ARO (+14.29%) Gains on report that Sycamore Partners unit Hummingbird takes 8% stake in co.

(+) RGDO (+8.39%) Enrolls first patient in study on drug for coronary intervention patients


(-) OUTR (-16.12%) After cutting Q3 and FY guidance

(-) OCLR (-6.71%) Q4 revenues fell, missing street views

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
More Headlines for: KYTH , LYG

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