GDP, durable goods, and trade data were all released this morning
Futures on the Dow Jones Industrial Average (DJI) are trading modestly above fair value, with the blue-chip index stabilizing after Wednesday's Fed-induced loss as Wall Street digests an early onslaught of economic reports. The final reading on second-quarter gross domestic product (GDP) was unchanged at 4.2%, while durable goods orders rose a larger-than-forecast 4.5% in August. Plus, weekly jobless claims increased by a slimmer-than-expected 12,000, and the U.S. trade deficit widened to $75.8 billion as exports fell 1.6% and imports rose 0.7%.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 931,837 call contracts traded on Wednesday, compared to 554,063 put contracts. The single-session equity put/call ratio rose to 0.59, and the 21-day moving average remained at 0.59.
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Despite a recent job posting pointing to the contrary, Janssen said it will end its imetelstat partnership with Geron Corporation (NASDAQ:GERN), effective Friday, Sept. 28. GERN stock has plummeted 65% ahead of the bell, set to open near $2.15.
- Bed Bath & Beyond Inc. (NASDAQ:BBBY) reported fiscal second-quarter earnings of 36 cents per share on $2.9 billion in revenue -- below the consensus estimates. The home goods retailer also said same-store sales fell for a sixth straight quarter, and lowered its full-year forecast. A round of bearish brokerage notes has only turned up the heat, with BBBY stock down 16.5% in electronic trading, on track for its lowest open since March 2000.
- Fiscal first-quarter adjusted profit for Conagra Brands Inc (NYSE:CAG) came in at a lower-than-expected 47 cents per share, while the packaged food producer's quarterly revenue of $1.83 billion also missed the mark. After closing last night at $36.06, CAG stock is down 6.4% in pre-market trading.
- Pending home sales will be released at 10 a.m. ET, while Dallas Fed President Robert Kaplan will speak. Fed Chair Jerome Powell is expected to take the mic after the stock market closes. Earnings reports are due from Accenture (ACN) and Ride Aid (RAD).
Powell's Tariff Talk Pressures Asian Stocks
Most Asian markets ended lower today, tracking Wall Street's late-Wednesday swoon in the wake of Powell's warning that a prolonged tariff standoff could negatively impact the U.S. economy. Japan's Nikkei fell roughly 1%, while China's Shanghai Composite slid 0.5% and Hong Kong's Hang Seng gave up 0.4%. However, South Korea's Kospi returned from an extended holiday break to gain 0.7%, led by a 5% pop for Hyundai Heavy Industries.
European stocks are also under pressure at midday, as traders keep a wary eye trained on the simmering Italian budget debate. Rome is denying reports that Economy Minister Giovanni Tria has threatened to resign his post as Italian newspapers indicate that coalition parties are pushing for a deficit target north of the European Union's prescribed 2% ceiling. Against this backdrop, Germany's DAX is down 0.04% and the French CAC 40 is off 0.08%, while London's FTSE 100 has managed a 0.2% gain.