Investing.com - U.S. stock markets were little changed in rangebound trade after the open on Wednesday, as investors digested reports on U.S. housing starts, building permits and producer prices.
Market players now looked ahead to the release of the minutes from the Federal Reserve's latest policy-setting meeting due later in the day.
During early U.S. trade, the Dow Jones Industrial Average was flat, the S&P 500 index dipped 0.1%, while the Nasdaq Composite index was little changed.
The U.S. Commerce Department said earlier that housing starts fell by 8.5% in January to a seasonally adjusted 0.890 million, compared to expectations for a decline of 3.6% to 0.925 million.
The report also showed that the number of building permits issued in January rose 1.8% to a seasonally adjusted 0.925 million, above expectations for a 1.2% increase to 0.915 million units.
A separate report showed that producer price inflation in the U.S. rose 0.2% in January, rising for the first time in four months. The core producer price index eased up 0.2%, in line with expectations.
Market participants now looked ahead to the release of minutes from the Fed’s January meeting later in the trading day, amid speculation over how long the U.S. central bank is likely to pursue its quantitative easing program.
In company news, Office Depot saw shares rally for a second day, climbing 9.1% after the office supply retailer agreed to merge with OfficeMax in a stock swap.
Office Depot will issue 2.69 new shares for each outstanding OfficeMax common share, according to a statement earlier. OfficeMax shares jumped 6% on the news.
On the downside, Garmin saw shares plunge 9% after the company reported a fall in fourth-quarter profit and revenue.
U.S. homebuilder Toll Brothers saw shares drop 3.5% after the company reported first quarter earnings per share of USD0.03, below expectations for earnings per share of USD0.10.
Revenue during the period totaled USD424.6 million, missing forecasts for revenue of USD502.2 million.
Elsewhere, European stock markets were mixed, as investors were hesitant to extend the previous day’s strong rally.
The EURO STOXX 50 dipped 0.2%, France’s CAC 40 fell 0.2%, Germany's DAX rose 0.2%, while Britain's FTSE 100 added 0.4% to hit a five-year high after dovish Bank of England minutes fuelled expectations over more monetary easing.
The minutes of the BoE’s February meeting showed that policymakers were split six to three on whether to increase the bank's quantitative easing program to GBP400 billion from GBP375 billion, with BoE Governor Mervyn King voting in favor of an increase.
Market players now looked ahead to the release of the minutes from the Federal Reserve's latest policy-setting meeting due later in the day.
During early U.S. trade, the Dow Jones Industrial Average was flat, the S&P 500 index dipped 0.1%, while the Nasdaq Composite index was little changed.
The U.S. Commerce Department said earlier that housing starts fell by 8.5% in January to a seasonally adjusted 0.890 million, compared to expectations for a decline of 3.6% to 0.925 million.
The report also showed that the number of building permits issued in January rose 1.8% to a seasonally adjusted 0.925 million, above expectations for a 1.2% increase to 0.915 million units.
A separate report showed that producer price inflation in the U.S. rose 0.2% in January, rising for the first time in four months. The core producer price index eased up 0.2%, in line with expectations.
Market participants now looked ahead to the release of minutes from the Fed’s January meeting later in the trading day, amid speculation over how long the U.S. central bank is likely to pursue its quantitative easing program.
In company news, Office Depot saw shares rally for a second day, climbing 9.1% after the office supply retailer agreed to merge with OfficeMax in a stock swap.
Office Depot will issue 2.69 new shares for each outstanding OfficeMax common share, according to a statement earlier. OfficeMax shares jumped 6% on the news.
On the downside, Garmin saw shares plunge 9% after the company reported a fall in fourth-quarter profit and revenue.
U.S. homebuilder Toll Brothers saw shares drop 3.5% after the company reported first quarter earnings per share of USD0.03, below expectations for earnings per share of USD0.10.
Revenue during the period totaled USD424.6 million, missing forecasts for revenue of USD502.2 million.
Elsewhere, European stock markets were mixed, as investors were hesitant to extend the previous day’s strong rally.
The EURO STOXX 50 dipped 0.2%, France’s CAC 40 fell 0.2%, Germany's DAX rose 0.2%, while Britain's FTSE 100 added 0.4% to hit a five-year high after dovish Bank of England minutes fuelled expectations over more monetary easing.
The minutes of the BoE’s February meeting showed that policymakers were split six to three on whether to increase the bank's quantitative easing program to GBP400 billion from GBP375 billion, with BoE Governor Mervyn King voting in favor of an increase.