Stock Futures Flat as Markets Cool
NEW YORK (TheStreet) -- U.S. stock futures were pointing to a flat opening on Wednesday as major equity markets cooled off following two days of strong gains on improving Chinese growth.
Futures for the S&P 500 were effectively unchanged at 1,682.25.
Futures were moving sideways Wednesday after President Barack Obama addressed the nation Tuesday night about Syria in which he proposed a diplomatic solution with Russia's aid to seize Syria's chemical weapons arsenal thereby avoiding a military intervention in the Middle Eastern nation. Obama did reiterate that, if necessary, a limited targeted strike could be used to achieve a clear goal: "detering the use of chemical weapons and degrading Assad's capabilities."The U.S. economic calendar includes wholesale inventories for July at 10 a.m. EDT. Economists polled by Thomson Reuters are expecting July inventories to have risen 0.3%, which would reverse the prior month's 0.2% dip. Additionally, the Energy Information Administration at 10:30 a.m. will release weekly information on crude, gasoline and distillate inventories in the United States. In company news, shares of Apple (AAPL) were sinking in premarket trading after the iPhone maker's unveiling of two new phones failed to excite investors. The iPhone 5C is a lower cost, but premium-priced product, while the iPhone 5S is an upgrade from the previous edition as it will add "Touch ID," a fingerprint sensor built into the home button. Overnight, Apple gained a license from China Mobile to begin launching iPhones for the first time on the Asian nation's largest wireless network. Shares were off 4% in premarket action. Verizon (VZ) will sell as much as $49 billion worth of bonds to raise the funds needed to buy Vodafone (VOD) from their Verizon Wireless joint venture, The Wall Street Journal reported. Texas Instruments (TXN) narrowed its earnings guidance for the third quarter. The chipmaker said Tuesday that it expects to earn between 51 cents and 55 cents a share in the quarter, which was lower than the previous guidance of 49 cents to 57 cents a share. Analysts have predicted earnings of 53 cents a share.
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