U.S. Stock Futures Steady Ahead of Key Data Releases
U.S. stock futures hovered near the flatline on Wednesday as investors awaited the release of the Federal Reserve’s latest meeting minutes and fresh labor market data. Major indices climbed in the previous session, with the benchmark S&P 500 closing above 5,500 points for the first time. Elsewhere, Apple (NASDAQ
) is reportedly set to take an observer role on the board of OpenAI, the maker of ChatGPT.
1. Futures Muted
U.S. stock futures showed little movement on Wednesday after gains in the main Wall Street averages the day before. By 03:29 ET (07:29 GMT), S&P 500 futures were down by 3 points or 0.1%, while Nasdaq 100 and Dow futures remained mostly unchanged. On Tuesday, the S&P 500 closed above 5,500 points for the first time, and the Nasdaq Composite rose by 0.8%, finishing above 18,000 points for the first time. Growth stocks like Apple and Amazon (NASDAQ
) helped drive the gains, and Tesla (NASDAQ
) saw a jump after reporting better-than-expected Q2 deliveries.
Market sentiment was also boosted by data showing an increase in U.S. job openings in May, following declines in the previous two months, despite a rise in layoffs. Further labor market data, including a report on private payrolls, is expected this week to provide deeper insights into the state of the U.S. economy.
2. Fed Minutes Ahead
The Federal Reserve will release minutes from its June monetary policy meeting on Wednesday. In June, the Fed left interest rates unchanged at a two-decade high range, signaling just one expected rate cut this year. Earlier, the Fed’s March projections included up to three rate reductions in 2024. However, recent data showing moderating yet persistent inflation has led some officials to call for more evidence of sustainable price stability before cutting rates.
Fed Chair Jerome Powell, speaking at a European Central Bank event on Tuesday, predicted inflation would return to 2% by late 2025 or the following year. He emphasized a cautious approach before reducing rates. Despite his comments, markets are widely betting on two rate cuts by the end of the year, with the first expected in September, according to CME Group’s (NASDAQ
) FedWatch Tool.
3. Apple to Take Observer Role on OpenAI Board
Apple is set to take an observer role on the board of OpenAI, the creator of ChatGPT, according to media reports. Phil Schiller, head of Apple’s App Store, will occupy the position, allowing him to attend meetings without voting rights. This move grants Apple insights similar to those of Microsoft (NASDAQ
), OpenAI’s largest investor with approximately $13 billion invested.
Last month, Apple announced plans to integrate the ChatGPT chatbot into its offerings as part of a broader strategy to enhance its artificial intelligence capabilities.
4. Skydance to Acquire Controlling Stake in Paramount – Reuters
Shari Redstone’s National Amusements has agreed to a preliminary deal to sell a controlling stake in Paramount Global (NASDAQ
) to David Ellison’s Skydance Media, according to Reuters. Skydance will pay $1.75 billion for National Amusements, which holds the Redstone family’s 77% interest in Paramount. Under the terms, Paramount, known for films like “Titanic” and “The Godfather” and owner of networks like Nickelodeon and MTV, will merge with Skydance. Paramount’s class B shares surged in after-hours trading following the news.
5. Crude Prices Rise on U.S. Stockpile Draw
Crude prices rose on Wednesday, supported by industry data showing a larger-than-expected draw in U.S. crude inventories. By 03:30 ET, U.S. crude futures (WTI) were 0.4% higher at $83.16 per barrel, while Brent crude added 0.5% to $86.69 per barrel. Both benchmarks had retreated from their highest levels since April in the previous session as concerns over Hurricane Beryl disrupting Gulf of Mexico production faded.
The American Petroleum Institute reported on Tuesday that U.S. crude oil inventories fell by over 9 million barrels for the week ending June 28, exceeding expectations. Official weekly data from the Energy Information Administration is due later in the session. Gasoline demand in the U.S. is expected to increase with the Independence Day holiday this week.
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