Alcoa Helps Futures Edge Higher
Wall Street is seeing futures move slightly higher in premarket trading Wednesday. With a lack of economic news on the day, investor attention will remain on Alcoa Inc. (AA), who kicked off earnings season after Tuesday’s closing bell. It wasn’t so much the profit, which came in line with expectations, but the forecasted increase in global demand for the coming year. Check out last nights Market Summary for a recap of AA earnings results. Futures for the Dow Jones Industrial Average rose 16 points to 13,283, while those for the Standard & Poor’s 500 index gained 0.9 point to 1,453.20. Futures for the Nasdaq 100 index added 0.8 point to 2,714.75.
Wall Street retreated for the second consecutive day on Tuesday, edging lower ahead of the start of earnings season. The Dow Jones Industrial Average fell 55.44 points, or 0.4%, to 13,328.85, with 15 of its 30 components in the red. The S&P 500 declined 4.74 points, or 0.3%, to 1,457.15, with telecommunications leading the slide and materials performing best among its 10 major industry groups. The Nasdaq Composite lost 7.01 points, or 0.2%, to 3,091.81.
Currencies and Commodities
The dollar rose 0.40% at 87.4000 yen in the currency market. The euro is losing 0.17% at $1.3059 while the pound depreciated 0.04% to $1.6050. Gold is rising 60 cents to $1,662.70 an ounce, while silver is falling 0.13% at $30.43. Light, sweet crude for February delivery is down 19 cents to $92.98 per barrel on the NYMEX; a 0.18% decline.