US stocks were set for a cautiously lower open on Wednesday as traders took a breather following a rally in the previous session but wariness remained in the wake of the latest tariff salvos between the world's two largest economies.
Oil prices slipped with global benchmark Brent crude down 0.56%, and US West Texas Intermediate crude down 0.19% recently as the commodity was pressured by the new round of US tariffs on Chinese imports.
Data released at 8:30 am showed housing starts came in at a 1.282 million annualized rate in August, ahead of estimates for 1.240 million and compared with the 1.168 million in July. Permits came in at 1.229 million for the month versus 1.315 million expected and the previous level of 1.303 million. The US current account deficit came in narrower than expected at $101.5 billion in Q2 versus $104.0 billion estimate and prior reading of $124.1 billion, according to data compiled by Econoday.
In equities, shares of MGM ( MGM ) were 3.3% higher pre-bell as Starboard Value reportedly took a stake in the hotel operator and plans to push for changes.
U.S. PRE-MARKET INDICATORS
-Dow Jones Industrial down 0.10%
-S&P 500 futures down 0.15%
-Nasdaq 100 futures down 0.14%
-Nasdaq 100 pre-market indicator down 0.08%
Nikkei up 1.08%
Hang Seng up 1.19%
Shanghai Composite up 1.14%
FTSE-100 up 0.14%
DAX-30 up 0.16%
PRE-MARKET SECTOR WATCH
(+/-) Large cap tech: mixed
(+/-) Chip stocks: mixed
(+/-) Software stocks: mixed
(+) Hardware stocks: unchanged to higher
(-) Internet stocks: unchanged to lower
(+/-) Oil stocks: mixed
(-) Biotech stocks: unchanged to lower
(+/-) Drug stocks: mixed
(+/-) Financial stocks: mixed
(+/-) Retail stocks: mixed
(+/-) Industrial stocks: mixed
(+) Airlines: unchanged to higher
(+/-) Autos: mixed
(+) TLRY (+39.6%) Continues to rise after getting DEA clearance to ship cannabis to US for essential tremor study
(+) MTEM (+48.5%) Enters into an agreement with Takeda for the joint development of a protein-based oncology therapy
(+) SMRT (+45.8%) Forecasts $1 million drop in borrowing costs following new loan extensions
(-) UL (-1.8%) Reportedly bids for GlaxoSmithKline's Horlick India business
(-) GTHX (-6.6%) Prices 3 million share offering at $60 each
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