The S&P 500 rose 0.5% on Wednesday, although it gave up
a good chunk of its gains in the afternoon after trading as high as 1.9%
intraday. Optimism that trade relations between the U.S. and China were
progressing fueled the rally effort, but selling would accelerate into the
close, leaving the benchmark index at its session low.
The following companies were scheduled to report earnings this afternoon: NDSN, OXM, TLRD.
Futures are lower after hours: S&P 500 futures are -4.62 vs. fair value of 2,652 and Nasdaq-100 futures are -1.04 vs. fair value of 6,765.
Tomorrow morning, economic reports scheduled to be released include: Export Prices (Consensus NA vs. 0.4% in the prior month), Export Prices ex-ag. (Consensus NA vs. 0.5% in the prior month), Import Prices (Consensus NA vs. 0.5% in the prior month), Import Prices ex-oil (Consensus NA vs. 0.2% in the prior month), Initial Claims (Consensus 228K vs. 231K in the prior week), Continuing Claims (Consensus NA vs. 1631K in the prior week).
The following companies are scheduled to report earnings tomorrow morning: CIEN.
Looking at the energy market today, the EIA released its weekly storage data...
EIA petroleum data for the week ended Dec 7:
- Crude oil inventories had a draw of 1.2 million barrels
- Prior week had a draw of 7.3 million barrels
- Gasoline Inventories had a build of 2.1 million barrels
- Prior week had a build of 1.7 million barrels
- Distillate Inventories had a draw of 1.5 million barrels
- Prior week had a build 3.8 of million barrels
The 1.2 million draw was interesting since the American
Petroleum Institute (API) released its own weekly data the day before, late in
the afternoon, and showed an oil draw of 10.18 million.
Either way, Jan WTI crude oil futures settles the day $0.63 lower at $51.03/barrel