Day Traders Diary
Gains keep on coming for the U.S. equity market, which locked in its third straight record finish on Tuesday and looks poised to open Wednesday's session in the green. The S&P 500 futures are trading four points, or 0.1%, above fair value, while the Dow futures are up 75 points, or 0.3%.
The U.S. Dollar Index has received some attention this morning; it's down 0.5% at 89.43, hitting a fresh three-year low. The greenback has been in a downward trend for about a year amid signs of a pickup in global economic growth, which could prompt foreign central banks to dial back their ultra-accommodative policy stances.
However, this morning's push to a new multi-year low came after Treasury Secretary Steven Mnuchin said the Trump administration is a fan of "bilateral trading agreements" and spoke in favor of a weaker dollar, saying it's "good for trade." The greenback is down 0.3% against the euro (1.2338), 1.1% against the pound (1.4152), and 0.7% against the yen (109.53).
Meanwhile, U.S. Treasuries are under pressure, sending yields higher across the curve; the benchmark 10-yr yield is up three basis points at 2.65%.
Investors will receive the FHFA Housing Price Index for November (Briefing.com consensus +0.4%) and Existing Home Sales for December (Briefing.com consensus 5.70 million) at 9:00 AM ET and 10:00 AM ET, respectively. The weekly MBA Mortgage Applications Index crossed the wires earlier this morning, showing an increase of 4.5%.
Elsewhere, equity indices in the Asia-Pacific region finished Wednesday mixed, with Japan's Nikkei (-0.8%) showing relative weakness, while the Euro Stoxx 50 is flat.
In U.S. corporate news:
Reviewing overnight developments:
Headlines provided by Briefing.com
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