Stocks opened moderately higher Wednesday, as investors looked toward the day's heavy docket of appearances by Federal Reserve officials.
The Dow industrials and S&P 500 rose 0.2% and the Nasdaq edged up 0.1%. The smalll-cap Russell 2000 was up 0.4%.
Team Yellen Speaks, Durable Goods Unchanged
A long list of Federal Reserve speeches could have some influence on the stock market today. Minneapolis Federal Reserve Bank President Neel Kashkari joined a local question-and-answer session at 8:45 a.m. ET. Fed Chair Janet Yellen talks before the House Financial Services Committee at 10 a.m. ET. James Bullard, St. Louis Fed Bank president, delivers opening remarks at a St. Louis community banking conference at 10:15 a.m. ET, and Charles Evans of the Chicago Fed is scheduled to speak at 1:30 p.m. ET.
Durable goods orders were flat in August, the Commerce Department reported, better than economist expectations for a 1.9% decline. July orders rose a revised 3.6% -- less than Commerce's earlier estimate of a 4.4% increase. Minus transportation, orders slipped 0.4%, down from July's 1.5% rise but better than the 0.5% slip projected by economists.
Next up: the Energy Information Administration delivers its weekly crude oil inventories data at 10:30 a.m.
In Motion: Nike, Biogen, Tempur Sealy, Cintas
Nike (NKE) fell 2% at the open. It reported late Tuesday stronger-than-expected sales and earnings for its fiscal first quarter, but weak "futures orders" forecasts disappointed investors. Brean Capital downgraded the stock from buy to hold.
Uniform supplier Cintas (CTAS) popped 4% in early trade. The Cincinnati, Ohio-based outfit reported after Tuesday's close a broad first quarter earnings beat and revenue in line with consensus expectations. The stock ended Tuesday's session pulled back from a Sept. 6 high, and testing support t its 10-week moving average.
Among IBD 50 stocks, Biogen (BIIB) eased a fraction after signing a transfer agreement with Anavex Life Sciences (AVXL) to test its Anavex 2-73 treatment for degenerative central nervous system diseases. Anavex shares spiked 46%. Biogen ended Tuesday's session about 5% below a flat base buy point of 333.75.
Tile Shop Holdings (TTS) jumped 8% at the open. Standard & Poor's announced late Tuesday the stock would join the S&P Smallcap 600 index as of the end of trade on Friday.
Mattress maker Tempur Sealy International (TPX) cratered 22% after management lowered its third-quarter and full-year revenue guidance, and dropped the midpoint of its earnings guidance by 5%.
Oil Climbs, Europe's Markets Rally
Crude oil traded higher, up about 1% with West Texas Intermediate just above $45 a barrel. Despite recent gyrations, WTI's trading range has centered at the $45 mark since mid-August. Gold eased slightly to $1,329 an ounce. The dollar strengthened while bonds flattened, leaving the 10-year Treasury yield unchanged at 1.56%.
Overseas, Europe's markets were sharply higher and fighting for a positive finish after three days of declines. The CAC 40 in Paris and Frankfurt's DAX were each up about 1% in afternoon trade. Tokyo's Nikkei 225 ended Wednesday's session down 1.3%. China's leading benchmarks posted a narrowly-mixed finish.
