Stock futures fluctuated on Wednesday morning after a sharp increase in U.S. durable goods orders in October. 

S&P 500 futures were down 0.08%, Dow Jones Industrial Average futures added 0.01%, and Nasdaq futures fell 0.1%. 

Orders for long-lasting goods in the U.S. increased 4.8% in October, according to the Census Bureau. Analysts anticipated far-slower growth of 1.5%. Excluding transportation, orders rose at a slower 1% pace. Core capital goods orders increased 0.4%, while core shipments climbed 0.2%. 

Jobless claims rose in the past week, though remained at multi-decade lows. The number of new claims for unemployment benefits increased by 18,000 to 251,000, according to the Labor Department. The less-volatile, four-week average fell 2,000 to 251,000. 

Wall Street's benchmark indexes scored record closes for the second day in a row on Tuesday. The S&P 500, Dow and Nasdaq each recorded all-time high closes, even though gains were modest. The Dow also closed above 19,000 for the first time in its history. 

Crude oil prices moved slightly lower on Wednesday as traders tempered hopes over a production freeze agreement among Organization of Petroleum Exporting Countries. Iran, Iraq and Indonesia reportedly resisted parts of the deal in a conversation in Vienna on Tuesday, according to Reuters. OPEC members were debating whether to cut output by 4% to 4.5%, excluding Libya and Nigeria. Members will meet again in Vienna on Nov. 30 to vote on the deal.

West Texas Intermediate crude was down 0.4% to $47.90 a barrel on Wednesday morning.

Minutes from the Federal Reserve's meeting earlier in November, to be released Wednesday afternoon, will be closely scrutinized for confirmation that an interest rate hike in December is a go. The Federal Open Market Committee opted to leave rates unchanged at its November meeting, but reiterated that the case for a hike had strengthened. Fed members have recently taken a hawkish tone, pointing to upward trends in inflation and a robust labor market as reason the economy is ready for another rate hike.

A rate hike in December has a high probability among Wall Street pundits with any doubt after Donald Trump's recent election as U.S. president quickly evaporating. The chances of a December rate hike currently sit at 98%, according to CME Group fed funds futures.

Deere (DE) soared 10%, putting it on track to open at its best level ever, after reporting a better-than-expected quarter. The farming equipment maker earned 90 cents a share over its October-ended quarter, down from $1.08 a share a year earlier but much higher than consensus of 40 cents. Deere expects equipment sales to decline 4% in the first quarter and 1% for fiscal 2017.

Eli Lilly (LLY) slumped more than 10% in premarket trading after a late-stage trial of an Alzheimer's drug did not meet its primary endpoint. "The results of the solanezumab EXPEDITION3 trial were not what we had hoped for," CEO John C. Lechleiter said in a statement. The drugmaker will evaluate the results and assess development of solanezumab and other dementia treatments in development.

GameStop (GME) was under pressure after reporting a decline in third-quarter sales and guiding for a subpar fourth-quarter performance. The video game retailer reported a 3% drop in third-quarter revenue and 6.5% decline in same-store sales. Fourth-quarter earnings are expected between $2.23 and $2.38 a share. Analysts anticipated $2.37.

Urban Outfitters (URBN) slumped after falling short of earnings and sales estimates in its third quarter. The apparel retailer earned 40 cents a share, 4 cents below consensus. Revenue climbed 4.5% to $862 million, but fell short of consensus by $7 million.

Hewlett-Packard Enterprise (HPE) fell in premarket trading after quarterly revenue came in light. The tech company reported fourth-quarter revenue of $12.48 billion, missing estimates by $370 million. Meanwhile, HP (HPQ) , formerly combined with Hewlett-Packard, exceeded its quarterly sales estimates. Revenue climbed 1.9% to $12.5 billion, besting consensus by $620 million. 

Hewlett Packard Enterprise is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio.Want to be alerted before Cramer buys or sells HPE? Learn more now.

 

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