MARKET SNAPSHOT: U.S. Stocks Set To Open Higher, But Nike Nosedives After Earnings

By Victor Reklaitis, MarketWatchFeaturesDow Jones Newswires

Nike and Micron move in opposite directions after quarterly results

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.

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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 ( 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 ( 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 (

"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 ( promised for Wednesday.

Read more:Wilbur Ross says tax reform could boost economy by 1% (

And see:GOP tax plan to allow for top individual rate above 35% (

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 ( 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 (

See:Micron reassures investors that memory-chip demand remains very high (

Other markets:The ICE U.S. Dollar Index ( was gaining, building on Tuesday's rise ( that came as Yellen reinforced expectations for another rate increase in 2017. Gold futures ( lost ground, while oil futures ( were little changed.

European stocks ( rose, and Asian markets closed mixed (

Don't miss:The stock sector that has been 2017's big loser became a big winner this month (

And read:Here's why value stocks are starting to outperform growth (

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 (

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 07:48 ET (11:48 GMT)