Stock futures were little changed on Wednesday as Wall Street looks to extend its September gains. S&P 500 futures were down 0.05%, and Nasdaq-100 futures fell 0.2%. Futures tied to the Dow Jones Industrial Average added 4 points, or 0.01%. The moves come after the S&P 500 and Dow closed at record highs after gaining 0.25% and 0.20%, respectively. The Nasdaq Composite gained 0.56% and is less than 4% from its record high. All three averages are on track for a positive September, though fears of a slowing economy still linger after last week’s rate cut from the Federal Reserve. Now that the central bank has begun to lower interest rates, the economy is becoming a bigger focus for investors. “I’m a buyer of this rally until unemployment claims start rising, until earnings start declining, really until growth’s a problem. And I think we’re going to see a really volatile market between those growth and slowdown narratives until that time,” Lauren Goodwin, chief market strategist at New York Life Investments, said Tuesday on CNBC’s “Closing Bell.” Upcoming economic data includes new home sales for August, due out on Wednesday morning, and weekly jobless claims on Thursday. U.S. Treasury yields were slightly higher on Wednesday as investors weighed economic data and considered the state of the economy. The yield on the 10-year Treasury was up by 3.6 basis points to 3.772%. The 2-year Treasury yield was last at 3.547% after rising by just over two basis points. China stocks led Asia-Pacific markets on Wednesday, buoyed by stimulus measures announced by Beijing a day earlier. Mainland China’s CSI 300 pared gains to close at 3,401.53, up 1.48%, powered by consumer cyclicals and industrials. Hong Kong’s Hang Seng index was up 0.63% as of its final hour, after rising over 3% in early trade, on track to reach its highest level since May. Other Asian markets were mixed, slipping toward the end of the trading day, with Australia’s S&P/ASX 200 dropping 0.19% to 8,126.4, extending two straight days of losses. Japan’s Nikkei 225 fell 0.19% to close at 37,870.26, while the broad-based Topix lost 0.23% to 2,650.5. South Korea’s Kospi fell 1.34%, snapping a six-day winning streak to end at 2,596.32, while the small-cap Kosdaq dropped 0.85% and finished at 759.30, after gaining for seven straight days. South Korea on Wednesday announced its “Korea Value Up Index,” with trading set to start Monday. The index will comprise 100 companies, with IT and industrial stocks making up more than 40% of the index. Oil prices fell more than 1% on Wednesday as investors reassessed whether China’s latest stimulus plans will be able to boost its economy and spur fuel demand in the world’s largest crude importer. Still, declining U.S. crude oil and fuel stockpiles, and more violence in the Middle East, provided some support for the market. Brent crude futures were down $1.44, or 1.92%, at $73.73 a barrel. U.S. West Texas Intermediate crude was down $1.51, or 2.11%, at $70.05 per barrel. Gold held steady after hitting an all-time high on Wednesday on hopes of another large U.S. rate cut as the spotlight shifted to Fed Chair Jerome Powell’s comments and U.S. inflation data due later this week. Spot gold was steady at $2,655.35 per ounce, after hitting an all-time high of $2,670.43 earlier. U.S. gold futures gained 0.1% to $2,679.60. The Federal Reserve delivered a 50-bp cut at its last policy meeting and traders see a 58% chance of another half-percentage-point cut next month. Lower interest rates boost non-yielding gold’s appeal.
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