Markets

Wall Street Waiting on the Sidelines Before Yellen's Testimony

U.S. stocks were set to open flat with a slight upside bias as Wall Street waits for Fed Chair Janet Yellen's Humphry-Hawkins testimony to the Senate Banking Committee.

Futures were trading marginally lower ahead of the January inflation data with the resignation of President Trump's national security chief, Michael Flynn, taking some of the luster off the Trump-rally. The news weighed on the dollar, and briefly lured investors to safe havens like the Japanese yen and fixed-income securities.

Shares turned positive on the January wholesale price data which showed a sizable gain in monthly measures, but year-over-year figures were muted by downward revisions to December.

Producer prices rose 0.6% in January, beating +0.3% expectations, and increased 0.4% excluding food and fuel prices. For December, however, the nominal index was revised down to 0.2% from +0.3%, and the core was revised down to +0.1% from +0.2%.

In addition to Yellen's testimony, other members of the Fed will give speeches today including Richmond Fed President Jeffrey Lacker, Atlanta Fed President Dennis Lockhart, and Dallas Fed President Rob Kaplan. Only Kaplan is a voting member this year.

In related markets, the dollar is lower against most of the majors, bond yields are flat to slightly higher, and oil futures are trading close to 1.0% higher.

-Dow Jones Industrial up 0.1%

-S&P 500 futures up 0.1%

-Nasdaq 100 futures down 0.1%

SENTIMENT

Nikkei down 1.13%

Hang Seng down 0.03%

Shanghai Composite up 0.05%

FTSE-100 up 0.05%

DAX-30 up 0.02%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: Lower

(+/-) Chip stocks: Flat

(+/-) Software stocks: Flat

(+/-) Hardware stocks: Lower

(+/-) Internet stocks: Mixed

(+/-) Oil stocks: Higher

(+/-) Biotech stocks: Higher

(+/-) Drug stocks: Higher

(+/-) Financial stocks: Higher

(+/-) Retail stocks: Flat

(+/-) Industrial stocks: Higher

(+/-) Airlines: Flat

(+/-) Autos: Higher

UPSIDE MOVERS:

(+) ZAIS (+23.90%) Christian Zugel acquires 7.5% stake

(+) GIG (+12.92%) To be acquired by Integrated Device Technologies ( IDTI ) for $250 million

(+) AXSM (+11.96%) Received FDA fast track designation for AXS-05 for the treatment of resistant depression

(+) KOOL (+9.72%) Q2 revenue increased from year ago, loss narrows

DOWNSIDE MOVERS:

(-) HIBB (-14.89%) Issued weak FY18 guidance and expects Q4 results to be below expectations

(-) AMKR (-10.92%) Missed sales expectations, issued weak guidance for Q1

(-) TTM (-7.00%) Q3 profit declined 97%

(-) PFLT (-3.78%) Announced 5 million common stock offering

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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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