The S&P 500 advanced 0.8% on Wednesday, benefiting from
follow-through buying interest on hope that the Fed will cut rates amid a
slowing growth environment. The Dow Jones Industrial Average gained 0.8%, and
the Nasdaq Composite gained 0.6%. The Russell 2000 lost 0.1% in part due to lower oil prices
($51.66/bbl, -$1.87, -3.5%) weighing down energy stocks following some bearish
inventory data. The S&P 500 energy sector declined 1.1%.
Equity futures after hours: S&P 500 futures +2.12 vs. Fair Value of 2,827; Nasdaq 100 futures +8.25 vs. Fair Value of 7,225.
Earnings that came out/will come out after hours: ESTC, GEF, UNFI, ABM, CMTL, REVG, SFIX, CLDR, MDB, SMAR, FIVE, AGX.
Earnings expected tomorrow morning: SJM, CIEN, CVGW, KIRK, MIK, YRD, HOME, SAIC, SIG.
Looking over at economic data: Initial Claims out at 08:30am ET (Briefing.com Consensus 220K vs. 215K in the prior week) Continuing Claims 08:30am ET (Briefing.com Consensus NA vs. 1657K in the prior week) Trade Balance 08:30am ET (Briefing.com Consensus -$51.0B vs. -$50.0B in the prior month) Productivity-Rev. 08:30am ET (Briefing.com Consensus 3.4% vs. 3.6% in the prior quarter) Unit labor costs -- Rev. 08:30am ET (Briefing.com Consensus -0.8% vs. -0.9% in the prior quarter).
Looking over at the energy markets, oil prices initially fell following the release of the weekly:
- EIA petroleum data for the week ended May 31
- Crude oil inventories had a build of 6.8 million from the prior week
- Prior week showed a draw of 0.3 million
- Gasoline Inventories had a build of 3.2 million barrel
- Prior week had a build of 2.2 million barrel
- Distillate Inventories had a build of 4.6 million
- Prior week had a draw of 1.6 million