S&P 500 gained 0.4% on Wednesday, helped by softening trade tensions,
easing anxieties over U.S. monetary policy, and rebounding oil prices
($52.20/bbl, +$2.54, +5.1%). The Dow Jones Industrial Average gained 0.4%, the
Nasdaq Composite gained 0.9%, and the Russell 2000 gained 0.9%.
The following companies were scheduled to report earnings this afternoon: KBH, BBBY, WDFC, PSMT.
Futures are lower after hours: S&P 500 futures are -7.00 vs. fair value of 2,586 and Nasdaq-100 futures are -17.00 vs. fair value of 6,614.
Tomorrow morning, economic reports scheduled to be released include: Initial Claims (08:30am ET, Consensus 225K vs. 231K in the prior week), Continuing Claims (08:30am ET, Consensus NA vs. 1740K in the prior week).
The following companies are scheduled to report earnings tomorrow morning: None.
Looking at the oil market, the EIA released its weekly petroleum data:
EIA petroleum data for the week ended Jan 4 is as follows:
- Crude oil inventories had a draw of 1.7 million from the prior week
- Prior week was unch
- Gasoline Inventories had a build of 8.1 million barrels
- Prior week had a build of +6.9 million barrels
- Distillate Inventories had a build of 10.6 million
- Prior week had a build of 9.5 of million barrels
WTI crude oil futures initially began to pullback following the data, but recovered and went on to hit a new high for the day at $52.51/barrel, in afternoon trade, settling $2.54 higher (or +5.1% at $52.20/barrel.