MARKET SNAPSHOT: U.S. Stock Futures Look To Extend Record Climb
July 13 2016 - 9:11AM
Dow Jones News
By Sara Sjolin and Joseph Adinolfi, MarketWatch
Fed's Beige Book to grab the spotlight
U.S. stock futures edged higher on Wednesday, aiming to add to a
blistering rally after the S&P 500 and Dow industrials closed
at fresh all-time highs.
Futures for the Dow Jones Industrial Average rose 16 points, or
0.1%, to 18,279, while those for the S&P 500 index gained 2.70
points to 2,148.25. Futures for the Nasdaq-100 index rose 9.25
points to 4,579.
The small moves come after another upbeat trading day on Wall
Street on Tuesday, when the S&P 500 and Dow both rose 0.7% to
close at record highs
(http://www.marketwatch.com/story/sp-500-poised-for-fresh-record-as-alcoa-spurs-earnings-optimism-2016-07-12),
supported by a rally in energy shares and stronger-than-expected
earnings from Alcoa Inc. (AA)
Economic news: With few prominent earnings on tap for Wednesday,
attention is turning to Federal Reserve news with the Beige Book
survey of current economic conditions due at 2 p.m. Michael Hewson,
chief market analyst at CMC Markets, said the report could
reinforce the view that the U.S. economy is doing well and "in so
doing start to shift the dial in terms of the timing of a potential
U.S. rate rise."
"While a July and September rate rise would seem out of the
question given current global concerns a decent survey won't deter
some Fed members from rattling the prospect of a rise in rates,
even if they know they won't be able to deliver one," he said in a
note.
On Tuesday, St. Louis Fed President James Bullard reiterated his
view of only one rate increase until 2018, while Minneapolis Fed
President Neel Kashkari said there's "not a huge urgency to raise
rates because inflation is coming up low."
On Wednesday, Dallas Fed President Rob Kaplan is due to appear
at 9 a.m. Eastern Time at an event run by the World Affairs Council
of Greater Houston.
At 6 p.m. Eastern, Philadelphia Fed President Harker will give a
speech on the economic outlook at the 2016 World Class Summit in
Philadelphia.
In other economic news on Wednesday, the import price index for
June comes out at 8:30 a.m. Eastern, while the Federal budget for
the same month is due at 2 p.m.
Movers and shakers: Shares of Juno Therapeutics Inc.(JUNO)
rallied 28% ahead of the bell after the drugmaker late Tuesday said
it would resume a drug trial
(http://www.marketwatch.com/story/juno-shares-jump-after-clinical-trial-of-cancer-treatment-resumed-2016-07-12)
of a potential leukemia treatment. The trial had been placed on
clinical hold last week following two patient deaths.
SemiLEDS Corp.(LEDS) tanked 17% premarket after the LED chips
maker late Tuesday said third-quarter revenue slumped 18% and that
is loss widened to $3.3 million.
Amazon.com Inc.(AMZN) could also be active after Benchmark
lifted the price target on the stock to $915 from $750.
After the market closes, Yum! Brands Inc.(YUM) is slated to
report earnings
(http://www.marketwatch.com/story/what-to-expect-from-yum-brands-earnings-2016-07-12).
Other markets: Asian stocks closed mostly higher, but were off
intraday highs after the Japanese government denied it would use
"helicopter money"
(http://www.marketwatch.com/story/asian-markets-gain-but-off-highs-after-japan-says-no-helicopter-money-coming-2016-07-13)
to boost the economy.
Europe's main stock benchmark rose for a fifth straight session
(http://www.marketwatch.com/story/european-stocks-aiming-higher-for-a-fifth-consecutive-session-2016-07-13),
getting closer to erasing its entire post-Brexit loss.
Oil prices slumped
(http://www.marketwatch.com/story/crude-prices-back-off-ahead-of-possible-supply-rise-2016-07-13),
while gold inched higher. The dollar was down against
(http://www.marketwatch.com/story/dollar-slips-after-japan-rules-out-helicopter-money-2016-07-13)
other major currencies.
(END) Dow Jones Newswires
July 13, 2016 08:56 ET (12:56 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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