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US STOCKS-Futures flat after six-day run, Obama speech
September 11, 2013 / 11:23 AM / 4 years ago

US STOCKS-Futures flat after six-day run, Obama speech

* Obama requests Congress delay vote on Syria

* Apple falls after unveiling new iPhones

* Futures: Dow up 7 pts, S&P off 0.2 pt, Nasdaq off 6.5 pts

By Chuck Mikolajczak

NEW YORK, Sept 11 (Reuters) - U.S. stock index futures were little changed on Wednesday, and the S&P 500 appeared set to pause after six straight days of gains, after President Barack Obama pledged to explore Russia’s diplomatic plan to remove chemical weapons from Syria.

* Obama said a Russian offer to pressure Syrian President Bashar al-Assad to place his government’s chemical weapons under international control increased the odds of putting off the limited military strike that he is considering, but voiced skepticism about the plan.

* Obama asked leaders in Congress to put off a vote on his request to authorize the use of military force in order to allow diplomacy to play out.

* U.S. crude, was up 0.05 percent, and has shed 2.8 percent so far this week. Prices of crude ran up 2.7 percent last week as a possible military strike against Syria spurred supply concerns.

* The benchmark S&P 500 has gained 3.1 percent over the past six sessions, its longest winning streak in two months, as concerns ebbed about a Western military strike against Syria and as data showed improving growth in China, the world’s second-biggest economy.

* Apple Inc shares dropped 2.5 percent to $482.17 in premarket trading. Both Credit Suisse and Bank of America Merrill Lynch lowered the stock to a “neutral” rating after the company unveiled new iPhone models Tuesday.

* S&P 500 futures slipped 0.2 point and were slightly below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 7 points, and Nasdaq 100 futures lost 6.5 points.

* Texas Instruments dipped 0.4 percent to $40.15 in light premarket trading after the No. 3 U.S. chipmaker lowered its third-quarter forecast.

* Economic data expected on Wednesday includes wholesale inventories for July at 10:00 a.m. (1400 GMT). Economists in a Reuters survey expect inventories to have risen 0.3 percent compared with a 0.2 percent drop in June.

* Chip designer ARM topped the list of European gainers after its partner Apple unveiled two new iPhones, while the receding threat of U.S. military action in Syria helped keep European shares near three-month highs.

* Asian stocks stalled after nine days of gains after earlier hitting a fresh three-month high.

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