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Dow, S&P 500 Poised For 5th Straight Weekly Gain; Steel Names Rise

14 October 2017

The major US index futures are pointing to a higher opening on Friday following the modestly pullback seen in the previous session.

The S&P 500 gained 3.84 points, or 0.2 percent.

The CBOE volatility index.VIX remains at historically depressed levels, closing at 9.61 on Friday. The Nasdaq also hit a record by rising 0.3 per cent, and the Dow Jones followed suit by going up 40 points.

The S&P 500 declined 0.2 percent to 2,550.93 after reaching an all-time high earlier in the session.

Another report showed consumer prices recorded their biggest increase in eight months as hurricanes Harvey and Irma boosted demand but underlying inflation remained muted. Economists had expected jobless claims to dip to 251,000.

Excluding food and energy prices, core consumer prices inched up by 0.1 percent in September after edging up by 0.2 percent in August. The Labor Department said US producer prices rose 0.4 percent last month and 2.6 percent in the 12 months through September. The banking giant, however, also reported a 27 percent year-over-year decline in fixed income trading revenue.

Bank of America (-0.2%) and Wells Fargo (-3.3%) are both lower in early trading after reporting quarterly earnings, with BofA reporting above-consensus earnings and Wells missing both top and bottom line estimates.

Consumer Prices Accelerated in September
The pan-European FTSEurofirst 300 index rose 0.01 percent and MSCI's gauge of stocks across the globe gained 0.12 percent. Bitcoin smashed through the $5,000 barrier for the first time and was last up 10 percent on the day.

Shortly after the start of trading, the University of MI is scheduled to release its preliminary report on consumer sentiment in the month of October.

The Commerce Department is also due to release its report on business inventories in the month of August.

Hostess Brands Inc sunk 11.09 percent on news that the Twinkee-maker's chief executive officer would retire. The major averages spent much of the day bouncing back and forth across the unchanged line before closing modestly lower. The Dow and S&P 500 edged 0.2% higher.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.

Telecom stocks showed a significant move to the downside over the course of the session, dragging the NYSE Arca Telecom Index down by 2.7 percent. Meanwhile, after climbing $7.60 to $1,296.50 an ounce in the previous session, gold futures are rising $6.20 to $1,302.70 an ounce.

That set the S&P and the Dow on track to close higher for the fifth straight week and the Nasdaq for the third. Against the euro, the dollar is valued at $1.1867 compared to yesterday's $1.1830.

Dow, S&P 500 Poised For 5th Straight Weekly Gain; Steel Names Rise