American equity markets pull back Wednesday

The US Stock market experienced a definitely negative opening Wednesday after the reporting of economic data earlier and in anticipation of the FOMC minutes later today at 19:00 GMT. Earlier today in the United States, Building Permits (MoM) were reported at 0.925M in January, beating estimates of only 0.915M. Meanwhile the vaunted Producer Price index ex Food and Energy (MoM and YoY) grew +0.2% in January (in line with expectations of +0.2%), and +1.8% (exceeding projections calling for only +1.6%) respectively. Finally, the Producer Price Index (MoM and YoY) climbed only +0.2% in January (slightly missing a consensus of +0.3%) and yielded +1.4% in January (consistent with projections) respectively.

Beginning with the indices and composites, the NASDAQ fell -0.23% as it settles in region of 3206.30, down -7.26 points in these moments. In addition, the S&P 500 is trading in negative territory, operating at 1527.58, descending -3.36 points or -0.21% at the time of writing. Finally, the Dow Jones has moved lower at the opening as well, trading in the zone of 14021.77, presently -0.10% after a movement of -13.90 points.

Sectors are nearly all in the red currently, however the Basic Materials and Capital Goods sectors have distinguished themselves as main losers thus far, plummeting -1.36% and -0.37% respectively. In other news, the price of crude has settled above USD $96.62 Wednesday.