June 20, 2013 -- 8:30 a.m. ET - 06/20/13
Stock index futures are indicating a lower open on Wall Street. Dow futures are down 0.6%. The S&P 500 is off 0.7% while the NASDAQ trades 0.8% below fair value on Globex. The major averages are poised to decline for a second day following comments from Fed Chairman Ben Bernanke. In a press conference after the conclusion of the FOMC policy meeting, Bernanke suggested the central bank could begin tapering its bond buying program by the end of the year. Futures held losses after a report showed weekly jobless claims rose to 354,000, above the consensus estimate of 340,000. Data releases shortly after the open may show existing home sales rose 0.6% in May and the leading indicators index increased 0.2% last month. Projections for the Philadelphia Fed index are for the pace of contraction in Mid-Atlantic manufacturing activity to have slowed in June. On the earnings front, Kroger is up 0.6% to $35.35 ahead of the release of the grocers quarterly results. Shares of Oracle are down 0.7% to $33.85 ahead of its earnings report after the close. Freeport McMoRan is falling 2.4% to $28.50 amid a sharp decline in metal prices. European markets are lower at midsession. The FTSE is off 2.2% in London. The DAX is down 2.4% in Frankfurt. Asian markets fell overnight. The Nikkei declined 1.7% in Tokyo. Chinas Shanghai Composite dropped 2.9% following a disappointing manufacturing report. Treasuries are lower with the 10-year note down 12/32 to yield 2.40%.
Benjamin J. Chuckrow
Senior Vice President " Investments
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.