Oil prices are paring recent gains as Florence nears landfall
Futures on the Dow Jones Industrial Average (DJI) are trading well above fair value, as Wall Street digests the Labor Department's report that consumer prices rose by a slimmer-than-expected 0.2% last month -- echoing Wednesday's tame inflation data. Elsewhere on the economic front, weekly jobless claims fell to a lower-than-forecast 204,000 last week. Plus, Hurricane Florence remains in focus, with the massive storm -- now downgraded to a Category 2 -- expected to make landfall on North Carolina's southern coast on Friday. Nevertheless, oil prices are paring recent gains, with the October-dated contract down 1.1% at $69.59 per barrel.
Continue reading for more on today's market, including:
Founder and CEO Bernie Schaeffer breaks down the rising share price of S&P stocks.History suggests it could be time to buy this FAANG stock.Analyst: This tech stock could surge 50%.Plus, Pivotal Software braces for a big drop; a Street-high QCOM price target; and the biotech stock Jefferies is buying.
The Treasury budget will be released today. Plus, Fed Vice Chair Randal Quarles and Atlanta Fed President Raphael Bostic will speak. Earnings reports are due from Kroger (KR), Adobe Systems (ADBE), and Oracle (ORCL).
Asian stock markets saw a rare dose of buying thanks to news reports of rebooted trade talks between the U.S. and China. Hong Kong's Hang Seng had the best day, snapping its six-session skid by adding 2.5%. China's Shanghai Composite also rallied, closing up 1.2%, and Japan's Nikkei was close behind with a 1% gain. Meanwhile, South Korea's Kospi settled up 0.1%.
Stocks are mostly higher in Europe, too, where traders are digesting a raft of central bank news. Specifically, the Bank of England (BOE) and European Central Bank (ECB) both held rates steady, as was expected. Attention now shifts to a press conference from ECB President Mario Draghi. Elsewhere, the Central Bank of the Republic of Turkey (CBRT) hiked its interest rate to try and boost the lira.
Meanwhile, tech stocks are some of the top gainers, while mining and auto stocks are also rising on the upbeat trade headlines. But while the French CAC 40 and German DAX were last seen sporting respective gains of 0.5% and 0.7%, the FTSE 100 is down 0.2% in London.