The S&P 500 declined 0.2% on Wednesday in a lackluster
session that saw little buying conviction from investors. Shares of energy and
financial companies contributed to the lower finish, while defensive-oriented
sectors helped limit losses. The Dow Jones Industrial Average lost 0.2%, and the Nasdaq
Composite lost 0.4%. The Russell 2000 (+0.04%) finished just above its flat
Equity futures after hours: S&P 500 futures +1.88 vs. Fair Value of 2,880; Nasdaq 100 futures +1.88 vs. Fair Value of 7,475.
Earnings that came out/will come out after hours: TLRD, LULU, OXM, RH.
Earnings expected tomorrow morning: MPAA, DLTH, SECO, TUFN.
Looking over at economic data: Initial Claims 08:30am ET (Briefing.com Consensus 220K vs. 218K in the prior week), Continuing Claims 08:30am ET (Briefing.com Consensus NA vs. 1682K in the prior week), Export Prices 08:30am ET (Briefing.com Consensus NA vs. 0.2% in the prior month), Import Prices 08:30am ET (Briefing.com Consensus NA vs. 0.2% in the prior month), Export Prices ex-ag. 08:30am ET (Briefing.com Consensus NA vs. 0.4% in the prior month), Import Prices ex-oil 08:30am ET (Briefing.com Consensus NA vs. -0.1% in the prior month).
Over in the energy space, oil prices felt some pressure following the API weekly oil data/EIA weekly oil storage data.
API data came out yesterday afternoon.
This morning, the EIA released its own weekly U.S. oil storage data. EIA petroleum data for the week ended June 7:
- Crude oil inventories had a build of 2.2 million from the
- Prior week showed a build of 6.8 million
- Gasoline Inventories had a build of 0.8 million barrel
- Prior week had a build of 3.2 million barrel
- Distillate Inventories had a draw of 1.0 million
- Prior week had a build of 4.6 million
Also, the agency reported that U.S. crude oil production
fell 100K barrels per day (bpd) to 12.3 million bpd.
Jul WTI crude oil settled $2.18 (-4.1%) on the day at $51.16/barrel.