Tuesday May 9th

9-05-2017

Earnings, data, Fed speakers in the spotlight on Wall Street

U.S. stock index futures pointed to a flat to slightly higher open on Tuesday, with investors gearing up for a slew of earnings results, on top of being on the lookout for new data and comments from leading Fed members. Major U.S. companies are set to release their latest earnings on Tuesday, with Allergan, and SeaWorld, were among the companies that reported before the bell. Disney, News Corp., and Discovery Communications were among the firms reporting after the bell. Elsewhere on the data front, the NFIB (National Federation of Independent Business) survey showed small-business confidence slipped in April. Wholesale trade and JOLTs (job openings and labor turnover survey) are also due later on Tuesday. In the central banking sphere, members from the U.S. Federal Reserve are expected to deliver speeches on Tuesday.  The Nasdaq composite and the S&P eked out record closing highs on Monday, ending the session just above breakeven. In commodities news, oil prices wavered on Tuesday, amid concerns over a persistent rise in U.S. oil output and a slowdown in China. Around 8:16 a.m. ET, U.S. WTI was trading lower at $46.31 while Brent was at $49.49 per barrel. Elsewhere in the world, bourses in Europe were posting gains, while Asia-Pacific markets appeared subdued by the end of trade. Japan's Nikkei 225 closed 0.26 percent or 52.7 points lower at 19,843 after a subdued trading session. The index had surged more than 2 percent in the previous session. Hong Kong's Hang Seng Index rose 1.03 percent. Markets on the mainland were also in the green after marking losses earlier in the session, with the Shanghai Composite gaining 0.06 percent or 1.914 points to close at 3,080.5269 and the Shenzhen Composite adding 0.657 percent or 12.0532 points to close at 1,847.6398. On Monday, the Nasdaq composite and S&P 500 notched new all-time intraday and closing highs. Gold fell on Tuesday to its lowest since mid-March as the election of centrist Emmanuel Macron as French president reduced demand for bullion as a safe haven while stocks and the dollar rose and U.S. bond yields hit a one-month high. Spot gold fell 0.31 percent to $1,221.97 an ounce after earlier falling to $1,223.34, its lowest since March 16. The metal dipped below its 100-day moving average, a key technical support level currently at $1,224, but was holding above that line for now. U.S. gold futures dropped 0.38 percent to $1,222.40 an ounce.