The big news on today’s market will be the release of the new iPhone, expected at a Cupertino event starting at 1 pm EST this afternoon. In anticipation of that release, stocks trading heavily in pre-market included AbbVie Inc. (NYSE:ABBV), Dollar General Corp. (NYSE:DG), NRG Energy Inc (NYSE:NRG), Newmont Mining Corp (NYSE:NEM), Advanced Micro Devices, Inc. (NYSE:AMD), PulteGroup Inc. (NYSE:PHM), Hershey Co (NYSE:HSY), Apple Inc. (NASDAQ:AAPL) and D.R. Horton Inc. (NYSE:DRH).
On Tuesday’s market, the S&P 500 will open at 1,671.71, the Dow Jones Industrial Average will open at 15,063.12, and the Nasdaq will open at 3,706.18. On international markets, the index in Shanghai will open at 2,237.98, the Nikkei will open at 14,423.36, the FTSE 100 in London will open at 6,596.32, Hang Seng will open at 22,976.65.
Oil is trading at $112.33 per barrel Brent, and Gold is trading at 1,367.20 per ounce. The yield on 10 year Treasury bonds is sitting at 2.957% as the market gets ready to open. $1 USD is selling for 0.7544 euro cent, 99.91 Yen, 0.6374 pounds.
Stock futures were also up on the general optimism, with futures in the S&P 500, the Nasdaq and the DJIA rising 0.67%, 0.70%, and 0.63% respectively before the market opened.
Market and Economic News Update:
Markets on the rise: Yesterday’s market saw the best day for the Dow Jones Industrial Average in months. The index rose to 15,063.12 on Monday, up 0.9% for the day’s trading. In the same day the S&P 500 rose 1%. The important drivers of the increases in the index were better economic data from China and the increased chances of a peaceful resolution to the crisis in Syria.
Chinese Economic Data: Over the last few days China has released economic data that has made the market more confident going forward. Industrial production in August in China rose by more than 10% from last year, representing an increase in the growth rate of industry in the country. On top of the good signs from the country’s industrial economy, consumer news added to market optimism. Retail Sales in the Asian giant were up 13.6% from august of last year, meaning the country is maintaining the growth rate in retail.
Syria worries ease: Markets are less worried about the future of the Middle East this morning as hopes for a diplomatic solution to the problems in Syria become more realistic. Russian President Vladimir Putin has lent his support to a deal that would see an American invasion of the country avoided if the Assad regime agrees to give up its chemical weapons.
Stocks In Focus
Apple Inc. (NASDAQ:AAPL) is expected to release the latest iteration of its iPhone this afternoon, capturing the attention of the tech and the financial worlds. The market will be watching the presentation closely for any hint of a surprise from Cupertino. The release of the iPhone 5c, the iPhone model billed to take China by storm, will garner exceptional interest.
Advanced Micro Devices Inc. (NYSE:AMD): The company that has been suffering heavily from the decline in the PC business announced a new initiative this morning that excited investors. AMD released a strategy this morning designed to transform it from a laptop and desktop chip maker into a maker of embedded chipsets. Embedded chips are huge in a wide range of devices, and the market is clearly optimistic about the future the strategy could bring to Advanced Micro Devices Inc. (NYSE:AMD).
NRG Energy Inc (NYSE:NRG): Shares tumbled by more than 6% in the power generation and retail electricity company this morning after a new report from Deutsche Bank analyst Greg Poole lowered the price target on the stock to $26. The analysts worried about the difficulties with valuing the company in the face of a changing business.