U.S. stocks were pointing to a lower open on Wednesday as crude oil prices retreated from a three-week high and as the post-election rally winds down, potentially capping off a seven-day winning streak and a four-day record closings for the Dow Jones Industrial Average.
Oil prices fell back, after rocketing a day earlier to their best level in three weeks, with global benchmark Brent Crude down 0.58% recently and U.S. benchmark West Texas Intermediate down 0.85% after industry data showed U.S. crude stockpiles rose beyond expectations, and as traders continued to speculate on the outcome of an upcoming Organization of the Petroleum Exporting Countries meeting scheduled for Nov. 30. Official U.S. reading on crude stockpiles is also due for release on Wednesday.
Data released at 8:30 a.m. showed producer prices held steady in October, following a 0.3% gain in September and compared to the 0.3% gain seen by forecasters, according to data compiled by Econoday.
At 9:15 a.m., forecasters expect industrial production to show a minimal gain of 0.1% in October, similar to the gain seen in the prior month.
At 10:30 a.m., the housing market index is expected to hold steady in November at 63.
Federal Reserve Presidents James Bullard, Neel Kashkari and Patrick Harker are scheduled to give speeches throughout the day.
In equities, shares of shipping lines benefited from news that Korea Line Corp. was awarded the assets of Hanjin Shipping Co. out of bankruptcy court in Seoul. Recently, shares of Eagle Bulk Shipping ( EGLE ) were up 15.4%, Star Bulk Carriers ( SBLK ) up 11.9%, Top Ships ( TOPS ) up 25.2%, DryShips ( DRYS ) up 58.9%, Diana Shipping ( DSX ) up 20.9%, Sino-Global Shipping up 37.6%, and Seanergy Maritime Holdings (SHIP) up 39.6%.
U.S. PRE-MARKET INDICATORS
-Dow Jones Industrial down 0.29%
-S&P 500 futures down 0.34%
-Nasdaq 100 futures down 0.44%
-Nasdaq 100 pre-market indicator down 0.35%
Nikkei up 1.10%
Hang Seng down 0.19%
Shanghai Composite down 0.06%
FTSE-100 down 0.73%
DAX-30 down 0.89%
PRE-MARKET SECTOR WATCH
(+/-) Large cap tech: mixed
(-) Chip stocks: unchanged to lower
(+/-) Software stocks: mixed
(+/-) Hardware stocks: mixed
(-) Internet stocks: lower
(-) Oil stocks: unchanged to lower
(+/-) Biotech stocks: mixed
(+/-) Drug stocks: mixed
(-) Financial stocks: lower
(+) Retail stocks: unchanged to higher
(+/-) Industrial stocks: unchanged
(-) Airlines: lower
(+/-) Autos: mixed
(+) TGT (+6.7%) Tops Q3 estimates
(+) FB (+1.1%) Report says some employees formed an unofficial task force to address fake news sites
(+) JKS (+14.1%) Tops Q3 estimates
(-) LOW (-5.7%) Fiscal Q3 results miss Street estimates
(-) RIO (-5.9%) Financial Times says company is suspending operations at Pilbara Iron Mine over Christmas to cut costs
(-) AQMS (-10%) Prices 2 million stock offering at 12% discount
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