S&P, Dow futures flat as Fed minutes awaited

Business

[ad_1]

The S&P and the Dow futures were little changed on Wednesday as investors awaited minutes of the Federal Reserve’s last meeting for clues on interest rate hikes.

* However, futures pointed to a lower open for the Nasdaq following Tuesday’s Independence Day holiday, due to weakness in the technology sector.

* The Fed, which lifted interest rates and unveiled details of its plan to cut its mammoth crisis-era bond portfolio at its mid-June meeting, will release minutes at 2 p.m. ET (1600 GMT).

* The central bank is projected to raise rates once more this year though investors are concerned about the recent set of tepid economic data and inflation, which remains below the 2 percent target.

* Falling oil prices have also added to concerns about low inflation. Crude oil was down more than 1 percent on Wednesday as rising OPEC exports turned sentiment more bearish.

* U.S. factory goods orders are likely to drop by 0.5 percent for May from a 0.2 percent fall in April. The data is expected at 10 a.m. ET.

* The S&P 500 and the Dow moved higher on Monday, with the Dow hitting an intraday record as energy and bank stocks gained, but the Nasdaq was pulled lower by tech stocks.

* Tech stocks have led the S&P’s record run this year but concerns over the sector’s valuation has investors moving to more defensive sectors.

* Shares of Apple (AAPL.O), Microsoft (MSFT.O), Alphabet (GOOGL.O) and Facebook (FB.O) were all lower in premarket trading.

Futures snapshot at 7:02 a.m. ET:

* Dow e-minis 1YMc1 were up 9 points, or 0.04 percent, with 52,234 contracts changing hands.

* S&P 500 e-minis ESc1 were up 1.75 points, or 0.07 percent, with 254,708 contracts traded.

* Nasdaq 100 e-minis NQc1 were down 13.5 points, or 0.24 percent, on volume of 80,152 contracts.

(Reporting by Tanya Agrawal; Editing by Anil D’Silva)

[ad_2]

Source link

Loading...

Articles You May Like

Taiwan’s President Tsai Ing-wen Among Time Magazine’s 100 Influential People
COVID-19 accelerated threats to multilateral system, global cooperation key to defeat pandemic: Vivian Balakrishnan
NASA chief warns Congress about Chinese space station
Work in office, from home, or both? Hybrid work has potential and pitfalls, say experts
Three dead after fire at Huawei facility in southern China

Leave a Reply

Your email address will not be published. Required fields are marked *