Markets continue to struggle for direction this week as they come off last week’s Fed-induced highs.
This morning, Japan’s central bank boosted its asset purchase program. On the other hand, U.S. housing starts rose less than expected. The net result? Stock futures were trading slightly higher early on Wednesday after a low-volume, trading day on Tuesday in which indexes ended just about where they started.
The Bank of Japan’s decision to buy more assets caused the Yen to fall and Japanese markets to rise. U.S. housing starts rose to 750,000 in August, about 25,000 starts below expectations. July numbers were also revised lower. John Tashjian of Centurion Real Estate Partners in New York called it “another step forward on a very long staircase,” arguing that banks continue to make it too difficult to obtain a mortgage.
Dow futures rose 21 points; S&P 500 futures rose 2.4 points.
General Mills (GIS) rose 0.7% after beating earnings expectations, as gross margins rose and the company continued a cost-cutting plan.
Cracker Barrel (CBRL) rose 6.9% on a strong earnings report.
Autozone (AZO) fell 1.9% after posting better than expected earnings but disappointing same-store sales.
Goldman Sachs (GS) fell 0.1% after announcing last night that CFO David Viniar would retire after January.
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