August 23, 2013 -- 8:30 a.m. ET - 08/23/13
Futures are pointing to a largely flat open in New York. The Dow and S&P 500 are relatively unchanged on Globex and the NASDAQ trades 0.1% above fair value. Investors are taking a cautious approach to trading as Federal Reserve officials kick off their annual symposium in Jackson Hole, Wyoming. Although Chairman Bernanke will not be in attendance, focus will be on any details surrounding the central banks timeline to reduce their level of bond purchases. Economic data will also be a factor in the session. At 10a.m. ET, July new home sales are expected to show a modest decline. On the earnings front, retailing stocks continue to disappoint. Shares of Aeropostale are off 14.8% in pre-market action after the company posted a wider-than-expected loss in the quarter and offered disappointing guidance. Also on the downside, Pandora is lower by 7.2% as the streaming radio provider warned that its current-quarter earnings were weaker-than-anticipated. In other news, NASDAQ OMX Group could be active in the session as more details surrounding the exchanges 3-hour closure come to light. Turning to fixed income markets, Treasuries are modestly lower along the curve. The benchmark 10-year note is down 5/32 to yield 2.90% and the 30-year bond is down 3/32 to yield 3.88%.
Benjamin J. Chuckrow
Senior Vice President
Wells Fargo Advisors
37 Henry Street, Suite 201
Saratoga Springs, NY 12866
Toll Free: 800-581-5196
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.