Markets

Wall Street Set for Downbeat Session on Concern China May Halt US Bond Purchases

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US stocks were set for a downbeat session Wednesday amid the release of key economic data and a few speeches from the Federal Reserve, while a report that China may relax its purchases of US debt also weighed on equities.

Oil prices nudged higher, with global benchmark Brent Crude up 0.60%, while US crude West Texas Intermediate was up 0.89% recently as traders looked ahead to the release of weekly US inventory data.

Data released at 8:30 am showed import prices rose 0.1% in December vs. estimates for a 0.4% increase and prior revised gain of 0.8%. Export prices posted a surprise 0.1% drop for the month as compared with estimates for a 0.3% increase and prior month's increase of 0.5%, according to data compiled by Econoday.

At 10 am, forecasters see a 0.7% build in wholesale trade inventories for December vs. a 0.5% decline from the previous month.

Federal Reserve Presidents Charles Evans, Robert Kaplan and James Bullard are scheduled to give speeches.

In equities, shares of InspireMD ( NSPR ) fell 3% pre-bell, despite the company saying it expects a 211% increase in CGuard EPS sales for Q4.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial down 0.37%

-S&P 500 futures down 0.34%

-Nasdaq 100 futures down 0.46%

-Nasdaq 100 pre-market indicator down 0.50%

GLOBAL SENTIMENT

Nikkei down 0.26%

Hang Seng up 0.11%

Shanghai Composite up 0.23%

FTSE-100 up 0.16%

DAX-30 down 0.93%

PRE-MARKET SECTOR WATCH

(-) Large cap tech: unchanged to lower

(-) Chip stocks: unchanged to lower

(-) Software stocks: unchanged to lower

(-) Hardware stocks: unchanged to lower

(-) Internet stocks: lower

(+) Oil stocks: unchanged to higher

(-) Biotech stocks: unchanged to lower

(-) Drug stocks: unchanged to lower

(/-) Financial stocks: mixed

(-) Retail stocks: unchanged to lower

(-) Industrial stocks: unchanged to lower

(+) Airlines: higher

(+/-) Autos: mixed

UPSIDE MOVERS

(+) KODK (+66.2%) Plans to launch platform, cryptocurrency for image management

(+) AMRH (+72.8%) Says it plans to widen service offering with blockchain functionality

(+) HMNY (+10.3%) MoviePass unit surpasses 1.5 million subscribers

DOWNSIDE MOVERS

(-) JD (-2%) Said to be targeting opening 1,000 7Fresh stores in China

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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