Stock futures were gaining altitude ahead of Wednesday's open as Wall Street ignores fundamentals that led to significant losses on Tuesday, including lingering geopolitical tensions and Washington gridlock. Investors were shopping for bargains across most sectors with the notable exception of travel-related stocks as the impact from another catastrophic hurricane in the Atlantic is likely to batter the sector.
Dow futures indicate an 80 point gain at the open with Nasdaq futures outperforming.
At 8:30 am ET, data on the U.S.'s balance of trade showed a slight widening of the trade deficit to $43.7 billion from a revised $43.5 billion deficit in June. This is below expectations for a deficit of $44.6 billion.
At 10 am, the purchasing manager's final services sector index is forecasted to increase to 56.9 in August, while the ISM non-manufacturing index should also improve to 55.8 from 53.9.
At 2 pm, the Federal Reserve releases the latest Beige Book summary of the economic health of the 12 Fed districts.
Related markets illustrate the rotation out of safe-havens with Treasury yields slightly higher across the yield curve, and gold flat at $1,345 per ounce. The dollar is mixed, trading higher against the yen but slightly weaker against the euro and British pound. The Canadian dollar is lower as forex players brace for the interest rate decision from the Bank of Canada at 10am ET.
-Dow Jones Industrial up 0.21%
-S&P 500 futures up 0.17%
-Nasdaq 100 futures up 0.25%
Nikkei down 0.14%
Hang Seng down 0.46%
Shanghai Composite up 0.05%
FTSE-100 down 0.44%
DAX-30 up 0.62%
PRE-MARKET SECTOR WATCH
(+) Large cap tech: Higher
(+) Chip stocks: Higher
(+/-) Software stocks: Flat
(+) Hardware stocks: Higher
(+) Internet stocks: Higher
(+/-) Oil stocks: Mixed
(+/-) Biotech stocks: Mixed
(+/-) Drug stocks: Flat
(+) Financial stocks: Higher
(+) Retail stocks: Higher
(+) Industrial stocks: Higher
(-) Airlines: Lower
(+) Autos: Higher
(+) VSTM (+32.29%) Lymphoma drug study met primary endpoints
(+) VYGR (+27.63%) Reported positive results from phase 1b trial of VY-AACD01 for Parkinson's disease
(+) PTN (+19.98%) Signs licensing deal with Fosun Pharma for Chinese rights to Bremelanotide
(+) SRPT (+15.14%) Reported positive early/mid stage clinical trial results in Duchenne Muscular Dystrophy therapy
(-) TRVG (-26.72%) Issued FY17 profit warning
(-) FRAN (-7.28%) Lowered FY guidance
(-) PLAY (-6.16%) Lowered FY18 same-store comparable guidance
(-) NWL (-4.00%) Lowered earnings guidance due to impact from Hurricane Harvey
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