Stocks were mixed in Asia, flat in Europe, as traders eyed the inauguration of President-elect Donald Trump, which is now just hours away. U.S. futures: Dow flat; S&P 500 and Nasdaq +0.2%.
"We could get more clues about what Trump is planning today. If he ramps up the rhetoric the market will be concerned about building long dollar positions," said Neil Mellor, a currency strategist at Bank of New York Mellon.
Oil is up 0.9% at $52.90/bbl, gold is flat at $1201/ounce and the 10-year Treasury yield is up 4 bps to 2.5%.
Echoing similar sentiment from across the globe, U.S. stock index futures are pointing to a broadly flat open on Wall Street as traders await earnings from Goldman and Citigroup, and a speech by Janet Yellen.
In currency markets, the dollar is bouncing back from losses in the previous session, when President-elect Donald Trump suggested the greenback was "too strong."
Oil is down 1.3% at $52.55/bbl, gold is 0.2% lower at $1211/ounce and the 10-year Treasury yield is up 3 bps to 2.36%.
Following global markets lower, U.S. stock index futures are all down by 0.3%, as investors continue to mull over President-elect Trump's press conference yesterday that provided scant clarity on future fiscal policies.
Several Fed presidents are set to speak on a range of issues today and Janet Yellen will host a town hall meeting with educators from across the country.
Oil is up 1.1% at $52.82/bbl, gold is 0.6% higher at $1204/ounce and the 10-year Treasury yield is down 4 bps to 2.32%.
Donald Trump says companies that move production outside of the U.S. will face a border tax.
Full quote: "There will be a major border tax on these companies that are leaving and getting away with murder and if our politicians had what it takes they would've done it years ago."
The wall is on (don't call it a fence), says the President-elect. The Mexican peso is still weak at 21.8009.
U.S. stocks are back in positive territory, led by a 0.42% gain for the Dow. In response to Trump's plan to repeal Obamacare and a warning on drug prices, Pfizer (NYSE:PFE) is down 2.24% and Merck (NYSE:MRK) is up 2.74%. Tech names IBM (IBM +0.9%) and Microsoft (MSFT +0.8%) are also higher.
Donald Trump is in front of the media at his first formal press conference in six months.
The President-elect began the press conference by thanking Ford (NYSE:F) and Fiat Chrysler (NYSE:FCAU) for announcing investments in new U.S. plants, adding he hoped that General Motors (NYSE:GM) will follow. Alibaba (NYSE:BABA) is also mentioned as a company that will be doing "tremendous" things in the U.S.
There's an early warning from Trump to the drug industry (PJP, IHE, XPH, PPH) that new "bidding procedures" are needed.
Early questions are focused on Russia, hacking and U.S. intelligence. Investors wouldn't mind some clarity on trade and tax policies in the later round of questions.
The Mexican peso has nowhere to hide and is now down to an all-time low of 22.0333.
U.S. stocks have edged lower during the first part of the news conference. The S&P 500 Index is now down 0.17% after being slightly higher earlier.
Stocks could benefit today from investors adding new positions for the new year, as markets await the Fed's minutes for any clues on what the central bank is looking for from the incoming Trump administration. Economic stimulus? Tax reform? Reduced regulation?
At its last meeting, the Fed raised rates for the second time in a decade and provided an outlook for three rate hikes in 2017.
U.S. stock index futures are all up by 0.2%, while Europe heads lower following a positive session in Asia.
Oil is up 0.2% at $52.44/bbl, gold is 0.4% higher at $1167/ounce and the 10-year Treasury yield is flat at 2.45%.