Wed, August 18, 2010
Business > Markets

Wall Street futures point to weaker open

2010-08-18 10:56:30 GMT2010-08-18 18:56:30 (Beijing Time)

Stock futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 down 0.1-0.2 percent, pointing to a slightly weaker start on Wall Street on Wednesday.

The Mortgage Bankers Association was set to release, at 1100 GMT, Weekly Mortgage Market Index for the week ended August 13, versus the prior week. The mortgage market index read 734.3 and the refinancing index was 3,993.0 in the previous week.

U.S. companies announcing results on Wednesday include Applied Materials (AMAT.O), Deere & Co (DE.N), Limited Brands (LTD.N), NetApp (NTAP.O), and Target Corp (TGT.N).

Resource-related stocks will be in focus as crude oil prices fell after an industry report signaled petroleum inventories in top consumer the United States were headed for a record, following an unexpected sharp increase in crude stocks last week.

In merger and acquisition news, BHP Billiton (BHP.AX) (BLT.L), the world's biggest miner, launched a hostile $39 billion bid for Potash Corp (POT.TO) after the Canadian fertilizer group's board rejected the world's largest takeover offer this year.

China's banking regulator has told banks in Beijing to test for the impact of a plunge in property values below what is owed on mortgages, a local newspaper reported.

Analog Devices Inc (ADI.N) shares advanced 1.7 percent in extended trade on Tuesday after the microchip maker posted third-quarter results that topped market estimates and gave a better-than-expected fourth-quarter outlook.

European stocks dipped in early trade on Wednesday, with a key index failing to stay above a resistance level pierced in the previous session, with heavyweight energy shares falling along with oil prices.

Japan's Nikkei average (.N225) rose 0.9 percent on Wednesday, with investors buying shares on dips after the index hit an eight-month closing low the day before, though rises were limited by yen strength against the dollar.

La-Z-Boy Inc (LZB.N) shares fell 5.1 percent in extended trade on Tuesday after the company's first-quarter earnings.

U.S. stocks rose on Tuesday after earnings from Wal-Mart and Home Depot and a $39 billion takeover bid in the agriculture sector bolstered confidence in the corporate outlook.

The Dow Jones industrial average (.DJI) was up 103.84 points, or 1.0 percent, at 10,405.85. The Standard & Poor's 500 Index (.SPX) was up 13.16 points, or 1.2 percent, at 1,092.54. The Nasdaq Composite Index (.IXIC) was up 27.57 points, or 1.3 percent, at 2,209.44.


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