S&P 500 declined 0.1% on Wednesday in a mixed session. Cyclical sectors
provided the market some support, but weakness in the defensive-oriented
sectors dragged on the broader market. The Dow Jones Industrial Average
(-0.04%) finished fractionally lower, and the Russell 2000 declined 0.2%. The
Nasdaq Composite increased 0.3%.
Equity futures after hours: S&P 500 futures -1.62 vs. Fair Value of 2,918; Nasdaq 100 futures -9.50 vs. Fair Value of 7,654.
Earnings out after the close/already out: FIZZ, MLHR, WOR, KBH, FUL.
Earnings out tomorrow morning: PDCO, GMS, CAG, MKC, ACN, JEF, WBA, SJR, APOG.
Economic news expected to be released tomorrow: Initial Claims (08:30am ET, 219K consensus vs. 216K in the prior month), Continuing Claims (08:30am ET, NA consensus vs. 1662K in the prior month), GDP - Third Estimate (08:30am ET, 3.1% consensus vs. 3.1% in the prior month), GDP Deflator - Third Estimate (08:30am ET, 0.8% consensus vs. 0.8% in the prior month).
Oil prices held most of the API-driven gains, following the weekly EIA oil data out this morning. It was a bit surprising that oil didn't extend gains given the combination of EIA data that was released, which include a massive drawdown from oil inventory, a draw in gasoline and distillates inventory and a cut in U.S. oil production by 100,000 barrels per day (bpd) to 12.1 million bpd.
Today's EIA petroleum data for the week ended June 21 is as follows:
- Crude oil inventories had a draw of 12.8 million from the
- Prior week showed a draw of 3.1 million
- Gasoline Inventories had a draw of 1.0 million barrel
- Prior week had a draw of 1.7 million barrel
- Distillate Inventories had a draw of 2.4 million
- Prior week had a draw of 0.6 million