Futures Flat After Two-Day Rally

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Published September 11, 2013

| FOXBusiness

FOX Business: Capitalism Lives Here

U.S. stock-index futures were little changed after two days of gains for Wall Street after President Obama put America's plans for Syria on pause.

Today's Markets

As of 8:10 a.m. ET, Dow Jones Industrial Average futures climbed 2 points to 15175, S&P 500 futures fell 1.5 points to 1681 and Nasdaq 100 futures dipped 12.3 points to 3171.

Wall Street has been fixated with developments on the Syria front in recent days. A diplomatic solution that could stave off U.S. military involvement solution emerged early in the week, which sent stocks zipping higher. 

President Barack Obama reaffirmed those plans late Tuesday in an address to the nation in which he asked Congress to hold off on a vote authorizing military action. 

Traders had a bullish reaction, saying they expected Wall Street to continue its move higher. 

"The big market takeaway is that the risk of an imminent attack on Syria continues to recede," Dan Greenhaus, chief global strategist at BTIG told FOX Business on the heels of President Obama's address. He added that "all else equal, that's a positive for markets."

The docket of data is light again on the day, with a report on wholesale inventories due at 10:00 a.m. ET. The report gauges expected business demand in July, but it could impact forecasts for third-quarter gross domestic product. 

Commodities markets took a breather after a hectic start to the week. U.S. crude oil futures fell 21 cents, or 0.2%, to $107.17 a barrel. Wholesale New York Harbor gasoline dipped 0.03% to $2.735 a gallon. Gold dipped $3.60, or 0.26%, to $1,361 a troy ounce. 

Foreign Markets

The Euro Stoxx 50 rose 0.32% to 2861, the English FTSE 100 fell 0.09% to 6578 and the German DAX climbed 0.52% to 8490. 

In Asia, the Japanese Nikkei 225 edged up 0.01% to 14425 and the Chinese Hang Seng dipped 0.17% to 22937.

 

URL

http://www.foxbusiness.com/markets/2013/09/11/futures-flat-after-two-day-rally/