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Wall Street Set For Muted Open, Apple's iPhone Event Takes Center Stage


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US stocks were set for a muted open on Wednesday as traders looked ahead for details on Apple's latest smartphones, while keeping an eye on the latest trade war developments between the US and China.

Oil prices nudged higher with global benchmark Brent Crude up 0.40%, and US crude West Texas Intermediate up 1.14% recently after industry data showed a huge draw in US crude stockpiles, and an additional lift caused by Hurricane Florence, which barreled toward the east coast.

Data released at 8:30 am showed a surprise 0.1% monthly decline for the August producer price headline vs estimates for a 0.2% incremental gain, according to data compiled by Econoday.

Federal Reserve Governor Lael Brainard is scheduled to speak in Detroit, Michigan.

In equities, shares of Vital Therapies ( VTL ) were 88% lower pre-bell after the biotechnology company said its VTL-308 study on Elad for the treatment of acute forms of liver disease failed to meet both its primary and secondary endpoints.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial down 0.01%

-S&P 500 futures down 0.03%

-Nasdaq 100 futures up 0.01%

GLOBAL SENTIMENT

Nikkei down 0.27%

Hang Seng down 0.28%

Shanghai Composite down 0.33%

FTSE-100 down up 0.21%

DAX-30 down up 0.22%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(-) Chip stocks: lower

(+) Software stocks: higher

(+/-) Hardware stocks: mixed

(-) Internet stocks: lower

(+) Oil stocks: higher

(+/-) Biotech stocks: mixed

(+/-) Drug stocks: mixed

(+) Financial stocks: higher

(+/-) Retail stocks: unchanged

(+/-) Industrial stocks: mixed

(+) Airlines: unchanged to higher

(+/-) Autos: mixed

UPSIDE MOVERS

(+) GILD (+4.1%) Filgotinib late-stage trial in rheumatoid arthritis meets primary and secondary tragets

(+) ATOS (+10.3%) Scheduled a conferance call on Sept. 13 to discuss preliminary results of phase 1 dose-escalation study of topical Endoxifen in male subjects

(+) CCE (+3.9%) OKs $1.7 billion share buyback

DOWNSIDE MOVERS

(-) NLY (-2.3%) Prices 75 million share offering

(-) AGRX (-13.4%) Shares more than doubled Tuesday, but Janney sees no reason and says fundamentals have not changed

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) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.





This article appears in: Investing , Stocks




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