Markets

Wall Street Points to Mixed Open Amid Data Deluge, Fed Speeches

U.S. stocks were struggling for a direction ahead of Wednesday's open amid a raft of economic data and Federal Reserve speeches, including the second day of testimony in Congress of Federal Reserve Chair Janet Yellen.

Oil prices turned lower with global benchmark Brent Crude down 0.43% recently, and U.S. benchmark West Texas Intermediate down 0.53% as the commodity got pressured by a stronger dollar and after industry data showed a bigger-than-expected climb in U.S. stockpiles.

Data released at 8:30 a.m. showed consumer prices rose 0.6% in January, higher than the 0.3% growth estimate. Retail sales posted a 0.4% gain in January, compared to the 0.1% growth seen by forecasters. The Empire State manufacturing index came in at 18.7 in February, compared to prior level of 6.5 and the 7.5 level seen by forecasters, according to data compiled by Econoday.

At 9:15 a.m., forecasters see industrial production to remain steady in January.

At 10:00 a.m., business inventories are expected to rise 0.4% in December, following November's large 0.7% build. The housing market index is expected to come in at 68 in February compared to January's 67 level.

Federal Reserve Chair Janet Yellen and Presidents Eric Rosengren, Patrick Harker and William Dudley are all scheduled to give speeches throughout the day.

In equities, shares of Fortress Investment Group were 28.2% higher pre-bell after the company agreed to $3.3 billion takeover offer from Japan's Softbank.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.07%

-S&P 500 futures down 0.11%

-Nasdaq 100 futures down 0.07%

-Nasdaq 100 pre-market indicator up 0.07%

GLOBAL SENTIMENT

Nikkei up 1.03%

Hang Seng up 1.23%

Shanghai Composite down 0.15%

FTSE-100 up 0.37%

DAX-30 up 0.09%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+) Chip stocks: unchanged to higher

(+) Software stocks: unchanged to higher

(+) Hardware stocks: unchanged to higher

(+/-) Internet stocks: mixed

(-) Oil stocks: unchanged to lower

(+/-) Biotech stocks: unchanged

(-) Drug stocks: unchanged to lower

(+) Financial stocks: higher

(+/-) Retail stocks: mixed

(-) Industrial stocks: unchanged to lower

(+) Airlines: unchanged to higher

(-) Autos: unchanged to lower

UPSIDE MOVERS

(+) PG (-2.5%) Trian Fund acquires $3.5 billion stake

(+) SODA (-6.8%) Tops Q4 estimates

(+) TWTR (+1.9%) CEO Dorsey buys almost 426,000 shares

DOWNSIDE MOVERS

(-) CLSN (-43%) Prices stock offering at $0.23 per share

(-) FOSL (-18.5%) Q4 results slide from year ago levels

(-) AIG (-4.6%) Q4 loss widens vs. year ago level

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

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

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