S&P 500 lost 1.0% on Tuesday, as subdued expectations for next month's Fed
rate decision and the upcoming G-20 summit contributed to a risk-off mindset.
Shares of technology companies, particularly the mega-cap stocks,
underperformed the broader market. The
Nasdaq Composite lost 1.5%, the Dow Jones Industrial Average lost 0.7%, and the
Russell 2000 lost 0.6%.
Equity futures after hours: S&P 500 futures +0.38 vs. Fair Value of 2,922; Nasdaq 100 futures +12.75 vs. Fair Value of 7,619.
Earnings out after the close/already out: AVAV, FDX, MU, SNX.
Earnings out tomorrow morning: GIS, ATU, INFO, PAYX, UNF, BB, SCHN.
Economic news expected to be released tomorrow: MBA Mortgage Applications Index (07:00am ET, NA consensus vs. -3.4% in the prior week), Durable Orders (08:30am ET, -0.3% consensus vs. -2.1% in the prior month), Durable Goods --ex transportation (08:30am ET, 0.1% consensus vs. 0.0% in the prior month), Adv. Intl. Trade in Goods (08:30am ET, NA consensus vs. -$72.1B in the prior month), Adv. Retail Inventories (08:30am ET, NA consensus vs. 0.5% in the prior month), Adv. Wholesale Inventories (08:30am ET, NA consensus vs. 0.7% in the prior month).
Oil prices rallied higher in after hours trading following the release of the weekly API crude oil storage data.
API petroleum inventory data for the week ended June 21:
- Crude oil inventories had a draw of 7.547 million barrels
- Prior week had a draw of 0.812 million barrels
- Gasoline Inventories had a draw of 3.172 million barrels
- Prior week had a build of 1.458 million barrels
- Distillate Inventories had a build of 0.155 million barrels
- Prior week had a draw of 0.05 million barrels
- Cushing Inventories had a draw of 1.262 million barrel
- Prior week had a build of 0.519 million barrels
Aug WTI crude oil is now +$0.76 at $58.66/barrel.