Posted on 07/15/2015 4:08:22 AM PDT by expat_panama
U.S. stock futures ticked higher on Wednesday, with a note of caution taking hold ahead of a speech by U.S. Federal Reserve Chair Janet Yellen to Congress later in the day.
Second-quarter earnings season, a key vote in Greece's parliament to pass legislation needed to secure a third bailout and renewed turbulence in China's stock market were also in focus.
Having closed higher on Tuesday, stock futures pointed to a slightly positive open for Wall Street shares with Dow Jones industrial futures up just 10 points in early London trade.
Fed chief Yellen appears before the House Financial Services Committee at 10 a.m. ET to deliver her testimony on the economy. Her speech is expected to be released at 08:30 ET.
Analysts say Yellen is likely to repeat comments made last week that an interest rate hike by the end of the year is likely. Still, there is focus on what she says about recent weaker-than-expected economic news and what that means for the timing of a rate hike.
Data on Tuesday showed June retail sales fell 0.3 percent, compared with analyst expectations for a rise.
U.S. June producer price data and the July Empire State Survey are released at 08:30 a.m. ET, followed by June industrial production data at 09:15 a.m. and the Fed's Beige Book survey at 14:00.
Economic data released earlier on Wednesday meanwhile showed China, the world's second biggest economy, grew 7 percent in the second quarter from a year earlier. Analysts polled by Reuters had anticipated a 6.9 percent rise.
The data failed to lift sentiment in China's stock market, with the benchmark Shanghai Composite tumbling more than 4 percent before closing 3 percent lower. Sharp falls in Chinese stocks...
[snip]
...And Greece, another risk factor for investors, also remained in the spotlight...
(Excerpt) Read more at finance.yahoo.com ...
Yellen talking to congress again. Do you ever get the feeling the Fed should be like kids? Seen but not heard.
Stocks continued to climb above their psychological 10-week moving averages yesterday, up a half % in mixed volume while metals continued their sag to last March's dip. Looking ahead today's futures got both up a tenth of a percent and the bean counters are about to hit us w/ a document dump:
7:00 AM MBA Mortgage Index
8:30 AM PPI
8:30 AM Core PPI
8:30 AM Empire Manufacturing
9:15 AM Industrial Production
9:15 AM Capacity Utilization
10:30 AM Crude Inventories
2:00 PM Fed's Beige Book
Only really bad parents say that "seen-but-not-heard" line. imho the more transparent the Fed can be the better and earning a living was a lot harder in the bad old days of Sir Alan's obfuscatory padantry.
btw, a very good morning to you!
Awfully murky transparency. Maybe it’s more of a problem of the people that hinge on every word overthinking what she is saying.
Would you add me, please? I would greatly appreciate it :-)
The markets are being so freaking manipulated by the really big money folks that they coordinate strategic big losses and follow on with big gains to squeeze every drop of profit they can from a funny-money based system that they and "those who rule" devised. The base line seems to hover around the 18K mark and they are playing us for all they're worth - and that's a LOT.
my pleasure
That's exactly it. Most people are like Truman and always want a one-handed economist while all they hear from them is "on the other hand...". What then happens when Yellen et al flat out say "hey! NOBODY KNOWS FOR SURE WHAT WILL HAPPEN TOMORROW!!! is that the headlines are "Fed Chief is Clueless as to Economy's Future!!!".
That's what the pundits are paid to say but reality is thst prices fluctuate because that's what they do. The state run markets that lefties love so much with rock solid prices don't do a damn to supply and demand. What happens there are either shortages with long lines or surpluses with enormous waste.
The markets are being so freaking manipulated...
Of course they are and we "manipulate" them every time we negotiate a price or haggle a sale. What, you want the state to control the markets or something?
Many thanks!
They gonna put you in Room 101, "to get yo' mind raht," if you keep using that kind of logic, lol!!
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