Wed, Aug 26, 2015, 7:50AM EDT - US Markets open in 1 hr and 40 mins
Wall Street volatile as Shanghai seesaws
By Jenny Cosgrave
2 hours ago
Brendan McDermid | Reuters.
U.S. stock index futures pointed to a higher open on Wednesday after a
highly-volatile session for China's Shanghai Composite, with investors
left largely unimpressed by the stimulus measures from the People's Bank
of China.
U.S. stock index futures pointed to a higher open on Wednesday after a highly-volatile session for China's Shanghai Composite (Shanghai Stock Exchange: .SSEC), with investors left largely unimpressed by the stimulus measures from the People's Bank of China.
Investors are finding it difficult to know which
direction to turn, with global indices flipping wildly between gains and
losses after brutal selling seen at the start of the week. China's
benchmark Shanghai Composite finished down 1.3 percent after fluctuating
throughout the day.
Read More Traders spooked after head fake rally, watching Fed speak
Futures extended gains, with the Dow indicating a higher open by as much as 300 points, before paring some gains after China's central bank said on Wednesday it had injected 140 billion yuan ($21.8 billion) into the interbank money market via short-term liquidity operations (SLOs).
The Peoples' Bank of China fired a double-barrelled easing shot on Tuesday - lowering interest rates and the reserve requirement ratio (RRR) by 25 basis points and 50 basis points respectively - but this was not enough to reassure markets of slowing growth fears.
Read More Traders spooked after head fake rally, watching Fed speak
Futures extended gains, with the Dow indicating a higher open by as much as 300 points, before paring some gains after China's central bank said on Wednesday it had injected 140 billion yuan ($21.8 billion) into the interbank money market via short-term liquidity operations (SLOs).
The Peoples' Bank of China fired a double-barrelled easing shot on Tuesday - lowering interest rates and the reserve requirement ratio (RRR) by 25 basis points and 50 basis points respectively - but this was not enough to reassure markets of slowing growth fears.
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In the last week-and-a-half, the S&P 500 (INDEX: .SPX) has lost nearly $2 trillion in market capitalization, with $900 billion lost in this week's two trading sessions alone.
Read More Rout latest: Europe shares sink; Shanghai seesaws
Wednesday's markets are expected to take their cue again from the
action in China, but there will also be plenty of speculation about the
Fed and when it might raise rates.
New York Fed President
William Dudley speaks to the press on the regional economy before taking
questions at a 10 a.m. ET event. Dudley speaks ahead of the Jackson
Hole Fed symposium at the end of the week, where Fed Vice Chair Stanley
Fischer will address the group Saturday. European stock markets traded over 2 percent lower in early deals on Wednesday after a rebound yesterday, giving traders little respite from this week's big market swings.
On the data front in the U.S., durable goods are reported Wednesday at 8:30 a.m. ET, and they are expected to be up 0.1 percent, down from the 3.4 percent gain last month.
Major earnings include reports from Royal Bank of Canada (Grey Market: RBCDF), Brown-Forman (NYSE: BF.B), Abercrombie & Fitch (NYSE: ANF), Chico's FAS (NYSE: CHS) before market open. Avago Technologies (NASDAQ: AVGO), Williams-Sonoma (NYSE: WSM) and Workday (NYSE: WDAY), are all due after the bell.
end quote from:
https://finance.yahoo.com/news/wall-street-volatile-shanghai-seesaws-090158166.html
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