Traders look ahead to inflation data; Apple slips premarket
Wall Street was set for a weak open on Wednesday, paring back from the prior session's all-time closing highs as investors struggled to find fresh catalysts to push the markets higher after the recent rally.
Continue Reading Below
Futures for the Dow Jones Industrial Average slipped 23 points, or 0.1%, to 22,067, while those for the S&P 500 index lost 3.45 points, or 0.1%, to 2,490.75. Futures for the Nasdaq-100 index dropped 9.50, or 0.2%, to 5,995.
The weakness comes after all three major U.S. benchmarks -- the Dow average , S&P 500 and Nasdaq Composite Index -- on Tuesday closed at records (http://www.marketwatch.com/story/sp-primed-to-build-on-all-time-high-as-clock-ticks-down-to-apple-event-2017-09-12), marking the first time the trio achieved all-time highs at the same time since July 26.
The records are part of a global move into riskier assets at the beginning of the week after Hurricane Irma turned out to be less devastating than forecast and North Korean tensions eased. The dollar posted solid gains on Monday and Tuesday, and Treasury yields have moved higher, helping financial stocks.
"With the market settling down again after the risk rally of the earlier part of the week, the question becomes whether this dollar rally is simply just another chance to sell," said Richard Perry, market analyst at Hantec Markets, in a note. "There are signs that suggest that the rebound in Treasury yields, which helped to drive the dollar rally, is now stalling."
The ICE Dollar Index on Wednesday slipped 0.1% to 91.755.
"Tomorrow's U.S. inflation could be crucial to the near-term outlook and this could leave markets a touch cautious today," Perry added.
Economic news: Before the closely watched inflation report on Thursday, traders will be presented with the producer-price index for August at 8:30 a.m. Eastern Time on Wednesday. At 2 p.m. Eastern, the federal budget for August is slated for release.
Stock movers: Shares oin Apple Inc.(AAPL) slipped 0.4% ahead of the bell after the tech giant on Tuesday revealed its much-anticipated iPhone X, along with other gadgets (http://www.marketwatch.com/story/everything-apple-announced-at-its-iphone-event-2017-09-12), but said it won't be delivered until November.
Read:Delayed iPhone X launch pressures Apple stock (http://www.marketwatch.com/story/delayed-iphone-x-launch-pressures-apple-stock-2017-09-12)
And see:'Disappointing' iPhone X may mean people will keep clinging to older phones (http://www.marketwatch.com/story/apples-disappointing-iphone-x-could-mean-people-will-keep-clinging-to-older-phones-2017-09-13)
(http://www.marketwatch.com/story/delayed-iphone-x-launch-pressures-apple-stock-2017-09-12)Centene Corp.(CNC) climbed 4.5% in premarket action. The company said late Tuesday it has signed an agreement in which Fidelis Care (http://www.marketwatch.com/story/centene-corp-agrees-to-buy-fidelis-care-assets-in-new-york-state-2017-09-12) will become Centene's health plan in the state of New York.
SeaDrill Ltd.(SDRL.OS) rallied 12% before the open after the offshore driller said late Tuesday it had filed for bankruptcy protection (http://www.marketwatch.com/story/seadrill-files-for-bankruptcy-protection-and-restructures-debt-2017-09-13) and agreed to a major restructuring plan with its senior lenders.
Nordstrom Inc.(JWN) could also be active after a report late Tuesday that the retailer is taking steps to go private (http://www.marketwatch.com/story/nordstrom-shares-rally-on-report-of-steps-to-go-private-2017-09-12).
Other markets: Oil prices moved higher, with the U.S. crude benchmark rising 0.5% to $48.46 a barrel. The gain came after reports that the Organization of the Petroleum Exporting Countries is considering adding more non-cartel members to its output deal and the International Energy Agency said there are signs the oil market is tightening.
Gold prices were also higher.
Stocks in Asia closed mixed (http://www.marketwatch.com/story/asian-markets-mixed-after-apple-announces-new-iphones-2017-09-12), while European indexes mostly were lower, dragged down by a slide in U.K. stocks (http://www.marketwatch.com/story/ftse-100-stays-under-pressure-from-a-strengthening-pound-2017-09-13).
(END) Dow Jones Newswires
September 13, 2017 05:27 ET (09:27 GMT)