Stock futures were little changed today after six straight days of gains as the US pauses its push for attacks on Syria.
Last night, President Obama made his case for taking action in Syria in a televised address. He asked Congress to delay a vote on military strikes while the US, Russia, and Syria try to find a diplomatic solution, such as Syria handing over its chemical weapons to the international community.
Asian and European indices were mostly higher today, and US index futures are slightly lower. Dow
(INDEXDJX:.DJI) futures were flat at 15,173 while futures contracts on the S&P 500
(INDEXSP:.INX) fell 0.10% to 1,680.80. Nasdaq
(INDEXNASDAQ:.IXIC) futures sank 0.40% to 3,170.00.
On today's economic calendar, we have US wholesale trade, which measures the value of sales and inventories held by wholesalers, coming out at 10 a.m. Economists expect the indicator to register a 0.3% rise in July after falling 0.2% in June.
(NYSE:VZ) reported that it received orders for $90 billion in corporate debt. The company initially planned to raise only $20 billion to fund its purchase of Vodafone's
(NYSE:VOD) stake in Verizon Wireless. Even at $20 billion, this is the largest-ever offering of corporate debt.
After officially debuting two new iPhone handsets, including a cheaper one aimed at emerging markets customers, Apple
(NASDAQ:AAPL) finally snagged a license to sell its phones to China Mobile
(NYSE:CHL) customers. Apple shares declined yesterday after the company announced that the long-awaited "cheap" iPhone will still be priced out of reach of most Chinese customers. Both Bank of America
(NYSE:BAC) and Credit Suisse
(NYSE:CS) lowered Apple to neutral after yesterday's product unveiling.
The Federal Reserve is expected to rule soon on new limits on banks' involvement in physical commodities. Goldman Sachs
(NYSE:GS) has come under particular scrutiny for its use of metals warehouses, which some companies blame for shipping delays.
A number of prominent economists, including Jeffrey Sachs, Joseph Stiglitz, Christina Romer, and Robert Shiller have signed a letter to President Obama urging him to nominate Janet Yellen as the next chairperson of the Federal Reserve. The other hopeful for the seat is Larry Summers.
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.