CNBC: These 3 Events Are Shaping Wednesday's Trading Session

U.S. equities recovered early morning losses on Wednesday after 1 hour of trading. The Dow Jones index opened for trading at 17,735.02 and hit an intra-morning low of 17,618.66 before climbing above the 17,700-level. CNBC's Bob Pisani highlighted 3 key themes that continue shaping the markets. However, Pisani suggested that Donald Trump's status as the now presumptive Republican nominee isn't factoring into Wednesday's trading. First, economic data out of China has been "choppy" and "hard to read." The country reported earlier this week that its purchasing managers' index (PMI) fell to 49.4 in April from 49.7 in March. A reading above 50 signifies an economic expansion and a reading below 50 indicates a contraction. Second, it is uncertain if the U.S. dollar weakness will continue. As an example, the US dollar recently saw its largest weekly percentage decline against the Japanese yen since 2008. Finally, oil production levels remain elevated, particularly in the U.S. as crude inventories showed a 2.78 million build, well ahead of the 750,000 build expected. "These are the themes that are moving the market right now, and they aren't related to the election," Pisani emphasized.
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Posted In: CNBCMediaChinaChina PMIOiloil pricesUS Dollar
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