U.S. stocks retreated for a third consecutive session on
Tuesday as U.S.-China trade tensions continued to weigh on sentiment. However,
also for the third straight session, an intraday rebound made the close look
notably better than the open. The S&P 500, for instance, was down 1.1%
early on Tuesday, but settled lower by just 0.4%. Meanwhile, the Nasdaq and the
Dow ended lower by 0.3% and 1.2%, respectively, while the Russell 2000
outperformed (+0.1%), ticking up to a new all-time high.
Today after the close the following companies were scheduled to report earnings: LZB, ORCL, FDX.
Futures are flat/slightly higher after hours: S&P 500 futures are unch from its fair value of 2,766 and Nasdaq100 futures are +1.75 from fair value of 7,254.
Tomorrow morning, economic reports scheduled to be released include: MBA Mortgage Applications Index (07:00am ET, Consensus 220K), Current Account Balance (08:30am ET, Consensus -$129.2B).
Tomorrow before the open the following: ATU, WGO, SFUN.
Looking over at the energy market...
API petroleum data for the week ended June 15:
- The API reported a draw of -3.016 mln barrels of crude oil, for the week ending June 15, vs. a build of +0.833 mln last week
- Gasoline showed a build of +2.113 mln barrels and distillates showed a build of +0.757 mln barrels
- Cushing draw of -1.594 mln
Aug WTI crude oil futures largely showed a muted reaction to this and are now -$0.81 at $64.88/barrel.