Nike and Micron move in opposite directions after quarterly results
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U.S. stock futures on Wednesday pointed to a small rise at the open, as analysts said the market is stabilizing after a four-session skid for the Dow industrials.
Futures for the Dow Jones Industrial Average rose by 23 points, or 0.1%, to 22,282, while those for the S&P 500 gained 4.40 points, or 0.2%, to 25,00. Futures for the tech-heavy Nasdaq-100 tacked on 15 points, or 0.3%, to 5,907.50.
On Tuesday, the Dow finished less than 0.1% lower (http://www.marketwatch.com/story/us-stock-futures-fall-after-north-korean-nuclear-bomb-threat-2017-09-22). That marked its fourth down day in a row, leaving it 0.6% below its record close hit a week ago. The S&P and Nasdaq Composite both closed slightly higher Tuesday, as North Korea-related fears (http://www.marketwatch.com/story/trump-us-is-totally-prepared-for-military-option-with-north-korea-2017-09-26) appeared to subside and traders largely shrugged at Federal Reserve chief Janet Yellen's suggestion that the central bank won't dawdle while raising interest rates (http://www.marketwatch.com/story/yellen-says-fed-should-be-wary-of-raising-rates-too-gradually-2017-09-26).
"Wall Street has started to form some support once more, with the S&P 500 closing all but flat at 2,497," said Richard Perry, a Hantec Markets analyst, in a note Wednesday.
Investors are likely to watch for a major Republican announcement on tax reform (http://www.marketwatch.com/story/trump-today-president-says-puerto-rico-response-has-gotten-tremendous-reviews-2017-09-26) promised for Wednesday.
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Read more:Wilbur Ross says tax reform could boost economy by 1% (http://www.marketwatch.com/story/wilbur-ross-done-right-tax-reform-could-boost-economy-by-1-2017-09-26)
And see:GOP tax plan to allow for top individual rate above 35% (http://www.marketwatch.com/story/republican-tax-plan-to-allow-for-top-individual-rate-above-35-2017-09-26)
Individual movers: Shares in Nike Inc.(NKE) fell 4% in premarket action after the sneakers giant late Tuesday posted fiscal first-quarter earnings that beat forecasts, but its revenue was slightly below expectations (http://www.marketwatch.com/story/nike-shares-rise-as-company-beats-eps-expectations-2017-09-26). The company also warned that weak sales in North America will continue to weigh on results in its second quarter, according to a Dow Jones Newswires report.
Shares in Micron Technology Inc.(MU) rose 6% premarket after the chip maker reported better-than-expected earnings late Tuesday (http://www.marketwatch.com/story/micron-tech-shares-rise-after-earnings-beat-2017-09-26).
See:Micron reassures investors that memory-chip demand remains very high (http://www.marketwatch.com/story/micron-reassures-investors-that-memory-chip-demand-remains-very-high-2017-09-26)
Other markets:The ICE U.S. Dollar Index (http://www.marketwatch.com/story/dollar-index-jumps-to-1-month-high-ahead-of-gop-tax-plan-2017-09-27) was gaining, building on Tuesday's rise (http://www.marketwatch.com/story/dollar-jumps-to-1-month-high-vs-euro-ahead-of-yellen-speech-2017-09-26) that came as Yellen reinforced expectations for another rate increase in 2017. Gold futures (http://www.marketwatch.com/story/gold-at-fresh-lows-for-the-month-as-dollars-win-streak-expands-2017-09-27) lost ground, while oil futures (http://www.marketwatch.com/story/oil-prices-in-holding-pattern-before-us-supply-report-2017-09-27) were little changed.
European stocks (http://www.marketwatch.com/story/european-stocks-jump-to-10-week-high-led-by-alstom-after-siemens-deal-2017-09-27) rose, and Asian markets closed mixed (http://www.marketwatch.com/story/asian-markets-unfazed-after-yellen-hints-at-rate-hikes-2017-09-26).
Economic data and Fed speeches: An August figure for durable goods orders is slated to arrive at 8:30 a.m. Eastern Time, with economists polled by MarketWatch forecasting 1% growth.
An August reading on pending home sales is due at 10 a.m. Eastern from the National Association of Realtors.
Check out:MarketWatch's Economic Calendar (http://www.marketwatch.com/economy-politics/calendars/economic)
On the Fed front, Minneapolis Fed President Neel Kashkari is due to give opening remarks at a conference at his bank at 9:15 a.m. Eastern, and St. Louis Fed President James Bullard is on tap to speak at Missouri's Truman State University at 1:30 p.m. Eastern.
Fed Gov. Lael Brainard is scheduled to take part in a Kansas City Fed forum at 2 p.m. Eastern, and Boston Fed President Eric Rosengren is slated to talk at New York University at 7 p.m. Eastern.
(END) Dow Jones Newswires
September 27, 2017 07:37 ET (11:37 GMT)