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Stock futures continued their upward trend Wednesday as the big-cap tech stocks recovered from a two-day selloff.
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STOCK FUTURES RISE
Nasdaq Composite futures rose 1%, while Dow Jones futures rose about 200 points a gain of 0.6%. The S&P 500 also saw a similar rise.
This comes as investors rotated into cyclical names on Tuesday giving the Dow a bounce.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:COMP | NASDAQ COMPOSITE INDEX | 11553.855899 | -159.93 | -1.37% |
| I:DJI | DOW JONES AVERAGES | 29420.92 | +262.95 | +0.90% |
| SP500 | S&P 500 | 3545.53 | -4.97 | -0.14% |
European indices were also higher on Wednesday, with the STOXX Europe 60, German DAX, French CAC 40 and U.K. FTSE 100 all up roughly 0.6%.
OIL MARCHES UPWARD
Oil hit the $42-per-barrel level ahead of the EIA’s weekly oil data at 10:30 a.m. ET.
10-YEAR TREASURY YIELD 0.97%
U.S. bond markets are closed for Veterans Day. The 10-Year Treasury yield sits at 0.97%, its highest level since March.
DOW JUMPS 263 POINTS LED BY BOEING, CHEVRON AS OIL HITS $41 LEVEL
CHINA CRACKS DOWN ON TECH
Chinese technology names fell sharply after the Chinese government issued new regulations designed to curb their influence.
ALIBABA IN FOCUS AFTER CHINESE REGULATORS EYE MOVE
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BABA | ALIBABA GROUP HOLDING LTD | 266.54 | -23.99 | -8.26% |
| BIDU | BAIDU INC. | 143.25 | -0.94 | -0.65% |
| JD | JD.COM INC | 80.08 | -4.78 | -5.63% |
E-commerce giant Alibaba fell 9% on Tuesday despite the start of its annual shopping holiday known as Singles Day. Shares were down another 2% on Wednesday with similar declines for Baidu and JD.com.
WEEKLY LOOK AT HOUSING
Wednesday will see the release of two weekly economic reports, the MBA mortgage application index and the EIA’s crude oil inventory report.
Economists will get the latest look at the U.S. housing market, for the week ending Nov. 7, after the prior week showed a rise of 3.8%.
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GOLD SHINES
In other commodities, gold fell 0.4% to $1,868.80 an ounce.
