MARKET SNAPSHOT: U.S. Stocks Regroup For Another Bid On All-time Highs

By Victor Reklaitis, MarketWatch Features Dow Jones Newswires

'The news flow is hardly even creating a sweat for the bulls,' strategist says

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U.S. stock futures pointed to little change at the open, putting the main benchmarks on track to hold near their all-time closing highs.

Investors are taking in another round of quarterly earnings reports and waiting for a speech from departing Federal Reserve Chairwoman Janet Yellen.

They were also keeping an eye on President Donald Trump's trip to Asia. He warned North Korea that he was prepared to use the full range of U.S. military power to stop any attack. But in a more conciliatory appeal than ever before, the U.S. leader urged Pyongyang to "make a deal" to end the nuclear standoff, a Reuters report said (http://www.reuters.com/article/us-trump-asia-southkorea/at-north-koreas-doorstep-trump-warns-of-u-s-power-while-also-striking-conciliatory-note-idUSKBN1D61YG).

What are the main benchmarks doing?

S&P 500 futures inched up by 0.55 point, or less than 0.1%, to 2,589.25, while Dow Jones Industrial Average futures tacked on 31 points, or 0.1%, to 23,518.00. Nasdaq-100 futures dipped by 1.75 points, or less than 0.1%, to 6,311.75.

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On Monday, the S&P 500 , Dow and Nasdaq Composite rose to all-time closing highs (http://www.marketwatch.com/story/us-stocks-to-struggle-to-hang-onto-record-levels-2017-11-06), marking the 26th time this year that they've notched records simultaneously. The three gauges are up between 16% and 26% for the year as of Monday's close, boosted by factors such as an expanding U.S. economy, growing corporate profits and bets that the Trump administration will deliver tax cuts and other business-friendly measures.

What are strategists saying?

"The grind higher in risk assets continues," said Chris Weston, chief market strategist at IG, in a note (https://twitter.com/ChrisWeston_IG/status/927666011049836544). "Every single intraday dip in U.S. and other developed market indices is supported, and the news flow is hardly even creating a sweat for the bulls."

A pullback for stocks continues to be "the higher probability outcome," Weston also said.

What are other assets doing?

Europe's main stock gauges traded either flat or up slightly. Asian markets mostly finished higher (http://www.marketwatch.com/story/lack-of-immediate-risk-pushes-asia-pacific-markets-to-multiyear-highs-2017-11-06), with Japan's Nikkei benchmark jumping 1.7% to reach its highest close since 1992, as one analyst noted "few risks on the horizon."

Haven plays such as gold futures and the Japanese yen were losing ground. The ICE U.S. Dollar Index traded higher, while West Texas Intermediate crude and were flat to lower.

What could help drive markets?

On the Fed front, Yellen is due to give a speech at 3 p.m. Eastern Time in Washington, D.C., as the departing chairwoman accepts an award related to ethics in government.

Before that, the central bank's vice chairman for supervision, Randal Quarles, is slated to talk at 12:35 p.m. Eastern at a conference focused on banking regulations and the payments industry.

On the data front, an October reading on small-business optimism is slated to hit at 6 a.m. Eastern Time.

Check out:MarketWatch's Economic Calendar (http://www.marketwatch.com/economy-politics/calendars/economic)

September figures for job openings and consumer credit are due to arrive at 10 a.m. Eastern and 3 p.m. Eastern, respectively.

Which stocks look like key movers?

Shares in Priceline Group Inc.(PCLN) and TripAdvisor Inc.(TRIP) fell 11% and 9% in premarket action, respectively, after each online travel company sounded downbeat (http://www.marketwatch.com/story/tripadvisor-plummets-more-than-10-after-earnings-2017-11-06) about fourth-quarter revenue (http://www.marketwatch.com/story/priceline-stock-falls-more-than-6-on-weak-fourth-quarter-guidance-2017-11-06) while posting earnings late Monday. The companies also seem to be planning an increase in advertising spending (http://www.marketwatch.com/story/travel-industry-ad-wars-hurting-expedia-priceline-and-tripadvisor-stocks-2017-11-06).

Etsy Inc.'s (ETSY) stock looks set for an up day after the craft-oriented e-commerce company late Monday said it had swung to a quarterly profit (http://www.marketwatch.com/story/shares-of-esty-rise-after-craft-oriented-retailer-swings-to-profit-2017-11-06).

Valeant Pharmaceuticals International Inc.(VRX.T) , Dean Foods Co.(DF) and SeaWorld Entertainment Inc.(SEAS) could see active trading as they are among the companies expected to post earnings before the open.

(END) Dow Jones Newswires

November 07, 2017 06:06 ET (11:06 GMT)