U.S. stock futures traded lower in early pre-market trade on Wednesday after closing mostly lower on Tuesday. The S&P 500 index dropped deeper into a bear market after hitting a fresh 2022 low. The S&P 500 is now down 24.3% from its record level in January, while the Dow is now 21.2% below its record high.
Data on international trade in goods for August will be released at 8:30 a.m. ET. The US goods deficit is likely to narrow to $88.7 billion in August from $90.2 billion in the previous month. Data on wholesale inventories for August will be released at 8:30 a.m. ET, while the pending home sales index for August is scheduled for release at 10:00 a.m. ET.
Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 8:35 a.m. ET, while Federal Reserve Bank of St. Louis President James Bullard will speak at 10:10 a.m. ET. Federal Reserve Chair Jerome Powell is set to speak at 10:15 a.m. ET, while Federal Reserve Governor Michelle Bowman will speak at 11:00 a.m. ET. Federal Reserve Bank of Chicago President Charles Evans is set to speak at 2:00 p.m. ET.
Investors are also awaiting earnings results from Cintas Corporation CTAS, Paychex, Inc. PAYX and Thor Industries, Inc. THO.
Futures for the Dow Jones Industrial Average dropped 153 points to 29,050.00 while the Standard & Poor’s 500 index futures fell 25.75 points to 3,635.25. Futures for the Nasdaq index fell 127.25 points to 11,206.50.
Oil prices traded lower as Brent crude futures fell 0.4% to trade at $84.52 per barrel, while US WTI crude futures fell 0.5% to trade at $78.09 a barrel. The American Petroleum Institute, on Tuesday, reported a gain of 4.150 million barrels for crude oil this week. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
Gold futures fell 0.6% to trade at $1,625.80 an ounce, while silver traded down 2.1% at $17.955 an ounce on Wednesday.
A Peek Into Global Markets
European markets were lower today. The STOXX Europe 600 Index gained 0.3%, London’s FTSE 100 fell 1.6% while Spain’s IBEX 35 Index fell 0.1%. The French CAC 40 Index fell 1.2%, while German DAX dropped 1.6%.
Italian consumer confidence declined by 3.5 points from the previous month to 94.8 in September, while manufacturing confidence slipped to 101.3 in September a revised 104 in the earlier month. Consumer confidence in France fell to 79 in September from 82 a month ago. The GfK Consumer Climate Indicator in Germany dropped to -42.5 heading into October versus a revised -36.8 a month ago.
Asian markets traded lower today. Japan’s Nikkei 225 fell 1.5%, Hong Kong’s Hang Seng Index dropped 3.4% and China’s Shanghai Composite Index fell 1.6%. Australia’s S&P/ASX 200 fell 0.5%, while India’s S&P BSE SENSEX fell 0.4%.
The index of coincident economic indicators in Japan rose to 100.6 in July versus a revised 99.2 in the prior month, while index of leading economic indicators fell to 98.9 in July from 100.3 in June. Retail sales in Australia gained by 0.6% from a month ago to a fresh record level of AUD 34.88 billion in August.
Baird initiated coverage on AGCO Corporation AGCO with an Outperform rating and announced a price target of $156.
AGCO shares fell 0.6% to close at $94.40 on Tuesday.
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- BlackBerry Limited BB reported a narrower-than-expected loss for its second quarter, while sales missed estimates.
- Biogen, Inc. BIIB and Eisai Co. Ltd. ESALY announced late Tuesday positive results from a late-stage study of their Alzheimer’s treatment candidate.
- MFA Financial, Inc. MFA filed for mixed-securities shelf offering.
- TCR2 Therapeutics Inc. TCRT shares gained over 9% in pre-market trading after the company announced it will discuss the complete Phase 1 portion of the gavo-cel Phase 1/2 clinical trial for mesothelin-expressing solid tumors on Wednesday, September 28th.
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