August 27, 2013 -- 8:30 a.m. ET - 08/27/13
Stock index futures are indicating a lower open on Wall Street. The Dow is down 0.8%. September contracts for the S&P 500 and NASDAQ are both trading 1.1% below fair value on Globex. The major averages are poised to decline for a second day amid increased tension in Syria. Yesterday stocks erased gains after U.S. Secretary of State John Kerry said the U.S. will hold Syria accountable for its use of chemical weapons. On the economic front, a report before the open may show home prices rose 12.1% in June. Shortly after the open, the Commerce Department releases its gauge on consumer confidence. Expectations are sentiment declined to 79 in August from 80.3 in the prior month. Retailers are active in pre-market trading. Tiffany is up 1.3% to $82.70 after posting quarterly results above analyst projections. Shares of J.C. Penney are down 1.3% to $13.17 as Bill Ackmans Pershing Square sold its entire stake in the company. Over in tech, Cisco is off $0.21 to $23.63 while Microsoft slips 1.5% to $33.65. European markets are lower at midsession. The FTSE is down 0.5% in London. The DAX is 1.6% lower in Frankfurt. Asian markets were mostly lower overnight. The Nikkei declined 0.7% in Tokyo. Chinas Shanghai Composite was up 0.3% following a report showed profit growth for industrial companies. Treasuries are higher with the 10-year note up 9/32 to yield 2.75%.
Benjamin J. Chuckrow
Senior Vice President
Wells Fargo Advisors
37 Henry Street, Suite 201
Saratoga Springs, NY 12866
Toll Free: 800-581-5196
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.