U.S. equity futures are pointing to a topsy-turvy session giving back some of Tuesday’s gains.
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Dow Jones Industrial futures are higher by 0.3 percent, S&P futures are up by 0.3 percent and Nasdaq futures are adding 0.6 percent.
U.S. stocks recouped some of their losses Tuesday after China backed off from a further escalation in the country’s trade and currency dispute with Washington, steadying financial markets.
The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all rose at least 1.2 percent.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26029.52 | +311.78 | +1.21% |
| SP500 | S&P 500 | 2881.77 | +37.03 | +1.30% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7833.265004 | +107.23 | +1.39% |
Comments by St. Louis Federal Reserve Bank President James Bullard may have been offset by those by White House economic advisor Larry Kudlow.
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Bullard said the U.S. central bank may be stuck with a volatile global trade environment for years.
Kudlow said the Trump administration wants to continue trade talks with China and is still planning to host a Chinese delegation for talks in September.
Major banks have checked in on trade. Goldman Sachs said it no longer expects a trade deal to be struck before the November 2020 presidential election.
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Morgan Stanley warned that more tit-for-tat tariffs could tip the world economy into recession by the middle of next year.
Oil prices fell further as trade tensions eased. Brent crude dropped to a seven-month low.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| DIS | WALT DISNEY COMPANY | 141.87 | +3.57 | +2.58% |
| CVS | CVS HEALTH CORPORATION | 54.09 | -0.42 | -0.77% |
| ODP | OFFICE DEPOT | 1.75 | -0.02 | -1.13% |
| WEN | THE WENDY’S COMPANY | 18.10 | +0.43 | +2.43% |
Walt Disney Co reported a bigger earnings decline than expected after the markets closed on Tuesday. The company poured money into its streaming media and began integrating assets purchased from Twenty-First Century Fox. Shares fell 5 percent in after-hours trading to $135.
Pharmacy benefits manager CVS Health will lead off Wednesday morning’s earnings parade as well as specialty retailer Office Depot and fast food chain Wendy’s.
In the afternoon we’ll hear from more media companies starting with FOX Business parent Fox Corp.
