MARKET SNAPSHOT: Nasdaq Shapes Up For Another Record, With Retail Earnings On Deck
November 21 2017 - 5:51AM
Dow Jones News
By Victor Reklaitis, MarketWatch
On the earnings docket: Lowe's, Dollar Tree, Medtronic, Campbell
Soup
U.S. stock futures on Tuesday pointed to a small step higher at
the open, putting the Nasdaq Composite on track to flirt with
record territory.
Investors are waiting for a raft of corporate earnings and
weighing up departing Federal Reserve Chairwoman Janet Yellen's
announcement
(http://www.marketwatch.com/story/janet-yellen-announces-shes-leaving-the-fed-2017-11-20)
that she will leave the central bank altogether, rather than stay
on as a Fed governor.
What are the main benchmarks doing?
S&P 500 futures rose by 1.40 points, or 0.1%, to 2,583.50,
while Dow Jones Industrial Average futures moved up by 21 points,
or 0.1%, to 23,416. Nasdaq-100 futures added 7 points, or 0.1%, to
6,323.
On Monday, the S&P 500 and Nasdaq Composite both gained 0.1%
(http://www.marketwatch.com/story/us-stocks-face-another-down-day-as-german-political-concerns-weigh-2017-11-20),
leaving the Nasdaq less than 0.1% from last week's all-time closing
high
(http://www.marketwatch.com/story/us-stocks-on-track-to-bounce-back-after-dows-138-point-drop-2017-11-16).
The Dow tacked on 0.3%, as the blue-chip gauge and the S&P
finished 0.6% and 0.5% away from their early-November record
closes, respectively.
The three equity benchmarks are up between 15% and 26% for the
year as of Monday's close, helped by factors such as an expanding
U.S. economy, growth in corporate profits and bets that the Trump
administration will deliver tax cuts and other business-friendly
policies.
What are strategists saying?
The Monday announcement from Yellen, who could have stayed on as
a Fed governor until 2024, gives President Donald Trump even more
room
(http://www.marketwatch.com/story/yellens-departure-gives-trump-even-more-space-to-rebuild-the-fed-2017-11-20)
to change the way the U.S. central bank operates.
"How these changes will potentially affect Fed policy next year
is going to be particularly tricky and should not be
underestimated," said Michael Hewson, chief market analyst at CMC
Markets UK, in a note. "The permanent Fed governors get a vote at
every meeting. Their views on monetary policy are going to be
important and carry a lot of weight."
What could help drive markets?
An October reading for the Chicago Fed's national activity index
is slated to hit at 8:30 a.m. Eastern Time, and an October figure
for existing-home sales is due at 10 a.m. Eastern. Economists
polled by MarketWatch are expecting 5.45 million homes were
sold.
Check out:MarketWatch's Economic Calendar
(http://www.marketwatch.com/economy-politics/calendars/economic)
At 6 p.m. Eastern, Yellen is scheduled to take part in an event
with former Bank of England Gov. Mervyn King at New York
University's business school.
Which stocks look like key movers?
Shares in Intuit Inc.(INTU) traded 0.3% lower in premarket
action. The maker of TurboTax and other accounting software posted
better-than-expected quarterly results
(http://www.marketwatch.com/story/intuit-beats-on-first-quarter-earnings-but-stock-falls-2017-11-20)
late Monday, but some analysts said the company's guidance was
disappointing.
Agilent Technologies Inc.(A) shares look set for a down day
after the maker of scientific equipment late Monday posted
better-than-anticipated quarterly earnings
(http://www.marketwatch.com/story/agilent-falls-from-record-highs-after-forecast-comes-up-short-2017-11-20)
but gave a profit forecast that fell short of expectations.
Shares in AmerisourceBergen Corp.(ABC) could see active trading
after the drug distributor late Monday agreed to buy independent
wholesaler H.D. Smith for $815 million.
Among the companies expected to post earnings before the open
are retailers Lowe's Cos.(LOW) , Dollar Tree Inc.(DLTR) and Signet
Jewelers Ltd.(SIG) . Also on the docket are medical-device maker
Medtronic PLC(MDT) and packaged-foods heavyweights Hormel Foods
Corp.(HRL) and Campbell Soup Co.(CPB) .
Earnings preview:Analyst surveys point to a strong quarter for
Salesforce
(http://www.marketwatch.com/story/salesforce-earnings-analyst-surveys-pointing-to-a-strong-quarter-2017-11-20)
What are other assets doing?
European stocks traded modestly higher, while Asian markets
mostly closed with gains
(http://www.marketwatch.com/story/tech-stocks-lead-broad-gains-by-asian-markets-2017-11-20).
Gold futures and oil futures
(http://www.marketwatch.com/story/oil-regains-some-ground-lost-at-the-start-of-the-week-2017-11-21)
were advancing, while the ICE U.S. Dollar Index was little
changed.
(END) Dow Jones Newswires
November 21, 2017 05:36 ET (10:36 GMT)
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