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Nov 21, 2018

Before The Bell: Dow is set to rebound at the open after a global equity rout

Sam Meredith

U.S. stock index futures were higher Wednesday morning, as traders prepared for some respite from the latest wave of global selling.
At around 6 a.m. ET, Dow futures indicated a positive open of about 75 points. Futures on the S&P and Nasdaq were also relatively upbeat Wednesday morning.
U.S. stocks sold off for a second consecutive session on Tuesday, as energy shares dropped with oil prices, while retailers including Target and Kohl tumbled after weaker-than-expected earnings and forecasts.
The latest bout of selling comes amid escalating concerns about global economic growth, with the tech-heavy Nasdaq closing at its lowest level in more than seven months Tuesday. Meanwhile, the S&P 500 and Dow ended the previous session at their weakest level since late October.
Nonetheless, a sharp drop in U.S. stocks has helped the safe-haven U.S. dollar pull away from two-week lows. The greenback was little changed at 96.686 against a basket of major currencies Wednesday morning, after rallying 0.7 percent overnight. The dollar has pulled away from a recent trough of 96.042.
On the data front, investors are likely to closely monitor durable goods figures for October at around 8:30 a.m. ET. Existing home sales data for October and a final reading of consumer sentiment for November are both scheduled to be released at around 10:00 a.m.
Meanwhile, Deere, Cheetah Mobile and Qudian are all expected to publish their latest quarterly earnings results before the opening bell.

Source: CNBC

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