U.S. Stock Futures Mixed Ahead of Fed Minutes
Dow Jones Industrial Average (DJIA) futures are trading in positive territory this morning, after the blue-chip index hit a record high on Tuesday. While the Dow's pre-market upside is modest, futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are slightly lower, with traders apparently unwilling to make any big moves ahead of this afternoon's release of the September Fed meeting minutes. While Wall Street will be looking for clues to a possible December rate hike, Chicago Fed President Charles Evans said earlier today that "there is room for an honest discussion later this year whether it is the right time to raise rates."
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5 Things You Need to Know TodayThe Chicago Board Options Exchange (CBOE) saw 832,289 call contracts traded on Tuesday, compared to 452,119 put contracts. The single-session equity put/call ratio fell to 0.54, and the 21-day moving average dipped to 0.63.Micron Technology, Inc. (NASDAQ:MU) announced last night it was launching a $1 billion offering of common stock in an effort to repay some of its debts. MU stock is down 2.7% ahead of the bell, after yesterday tagging a 16-year high of $42.Digital payments stock PayPal Holdings Inc (NASADQ:PYPL) was upgraded this morning by Morgan Stanley to "overweight" from "equal weight," while also receiving a price-target hike to $76 from $62. Analysts said concerns over the company's contract with eBay are manageable. PayPal stock is up 1.3% in electronic trading this morning, and could hit all-time highs.Financial name BlackRock, Inc. (NYSE:BLK) reported a third-quarter profit that exceeded Wall Street estimates. Analysts had anticipated earnings per share of $5.56, and the company reported $5.92. BlackRock CEO Larry Fink said the company now manages close to $6 trillion in assets. BLK stock is currently up 0.5% in electronic trading, and yesterday notched its highest close ever.Today will bring the release of the Labor Department's monthly Job Openings and Labor Turnover Survey (JOLTS). Bank of the Ozarks (OZRK), Fastenal (FAST), and Voxx International (VOXX) are expected to release quarterly earnings.
Overseas Trading
While stocks in China closed mixed, shares of Japanese and South Korean firms soared once again. Specifically, Japan's Nikkei hit a 21-year high, closing up 0.3%, though Kobe Steel sold off for the second straight day. In South Korea, Samsung Electronics rallied once again, helping the Kospi close with a 1% gain. Meanwhile, China's Shanghai Composite managed a 0.2% advance, but the Hang Seng slid 0.4% in Hong Kong.
Stocks in Europe were last seen trading mostly lower -- even after Catalonia leader Carles Puigdemont failed to formally declare independence. At last check, the French CAC 40 was the worst off, down 0.4%. The FTSE 100 and German DAX are also sliding, down 0.2% and 0.1%, respectively.