Global Stock Markets
Stock futures set an optimistic premarket tone Wednesday, with tech stocks seizing an early lead as markets awaited February sales and inflation data.
Futures on the Dow industrials rose 0.4% above fair value, as Microsoft (MSFT) and Caterpillar (CAT) led the group but no single issue rose or fell more than 1% in premarket trade. S&P 500 futures were also up 0.4%.
Nasdaq 100 futures popped 0.6%, with Micron Technology (MU) and Adobe Systems (ADBE) up almost 2% each and setting the early pace. Small caps ran alongside Nasdaq futures, lifting Russell 2000 futures 0.6%.
Stocks rose for the first half hour of trade on Tuesday, then pulled back sharply, and Wednesday's action could very well continue to test the market's still-young uptrend.
The Dow has been unable to decisively retake its 10-week moving average since early February.
The S&P 500 has managed to hold above its 50-day for the past three sessions, but appears to again be facing a test near the 2800 level. The Nasdaq is clearly in the best technical shape, tapping out a new high Tuesday, then pulling back just enough to test support at its prior high, around 7500.
Markets in Asia traded lower, reacting to the White House's firing of Secretary of State Rex Tillerson on Tuesday and reports that it's considering widening the tariffs imposed on Chinese imports to the U.S. Hong Kong's Hang Seng Index ended down 0.5% and the Nikkei 225 in Tokyo fell 0.9%. In Europe, stocks held modest gains at mid-session.
Economic news could have come impact on Wednesday's trade. The Commerce Department reports retail sales and the Labor Department provides producer price data, both for February, before the open. The Energy Information Administration delivers its weekly oil inventories update at 10:30 a.m.ET.
Futures on the Dow industrials rose 0.4% above fair value, as Microsoft (MSFT) and Caterpillar (CAT) led the group but no single issue rose or fell more than 1% in premarket trade. S&P 500 futures were also up 0.4%.
Nasdaq 100 futures popped 0.6%, with Micron Technology (MU) and Adobe Systems (ADBE) up almost 2% each and setting the early pace. Small caps ran alongside Nasdaq futures, lifting Russell 2000 futures 0.6%.
Stocks rose for the first half hour of trade on Tuesday, then pulled back sharply, and Wednesday's action could very well continue to test the market's still-young uptrend.
The Dow has been unable to decisively retake its 10-week moving average since early February.
The S&P 500 has managed to hold above its 50-day for the past three sessions, but appears to again be facing a test near the 2800 level. The Nasdaq is clearly in the best technical shape, tapping out a new high Tuesday, then pulling back just enough to test support at its prior high, around 7500.
Markets in Asia traded lower, reacting to the White House's firing of Secretary of State Rex Tillerson on Tuesday and reports that it's considering widening the tariffs imposed on Chinese imports to the U.S. Hong Kong's Hang Seng Index ended down 0.5% and the Nikkei 225 in Tokyo fell 0.9%. In Europe, stocks held modest gains at mid-session.
Economic news could have come impact on Wednesday's trade. The Commerce Department reports retail sales and the Labor Department provides producer price data, both for February, before the open. The Energy Information Administration delivers its weekly oil inventories update at 10:30 a.m.ET.
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