U.S. Stock Futures Edge Higher on Dovish Fed Comments
U.S. stock index futures inched higher on Wednesday amid holiday-affected trading volumes, bolstered by dovish remarks from Federal Reserve Chair Jerome Powell.
As of 06:00 ET (10:00 GMT), Dow Jones Futures rose by 65 points, or 0.2%, S&P 500 Futures climbed 4 points, or 0.1%, and Nasdaq 100 Futures gained 20 points, or 0.1%.
Pre-Holiday Trading and Tuesday’s Gains
Wednesday marks a shortened trading day ahead of the Independence Day holiday on Thursday. This follows a robust session on Tuesday, where Powell’s comments on progress in cooling inflation fueled market optimism. The S&P 500 rose 0.6%, closing above 5,500 for the first time. The NASDAQ Composite advanced 0.8%, reaching a record high, and the Dow Jones Industrial Average climbed 0.4%.
Focus on Fed Minutes and Labor Data
Powell, speaking at a European Central Bank forum in Portugal on Tuesday, noted some progress in reducing inflation but emphasized the need for greater confidence before considering interest rate cuts. Investors are now eagerly awaiting the minutes from the Fed’s June meeting, due later today. At this meeting, the Fed kept rates steady but reduced its forecast for interest rate cuts in 2024 due to persistent inflation concerns.
Additionally, New York Fed President John Williams is scheduled to speak later today.
This week’s market focus also includes key labor market data, particularly the nonfarm payrolls report on Friday. Ahead of that, the ADP payrolls report is due later today, following hotter-than-expected JOLTs job openings data released on Tuesday. A strong labor market remains a crucial factor for the Fed when considering rate cuts.
Paramount Global Soars
Paramount Global (NASDAQ
) surged 9% in premarket trading after Reuters reported that its controlling shareholder, National Amusements, had entered a preliminary merger agreement with Skydance Media.
Conversely, First Foundation (NYSE
) plummeted over 27% following a $228 million equity investment from affiliates of Fortress Investment Group and others, who will buy heavily discounted shares in the firm. Additionally, the Wall Street Journal reported the bank’s significant exposure to commercial real estate.
Apple (NASDAQ
) stock dipped 0.3% in premarket trading amid reports that the company will take an observer role on the board of OpenAI, the creator of ChatGPT.
Crude Prices Rise on Inventory Data
Crude oil prices increased on Wednesday, supported by industry data indicating a larger-than-expected draw in U.S. crude inventories. By 06:00 ET, U.S. crude futures (WTI) were up 0.1% at $82.84 per barrel, and Brent crude rose 0.1% to $86.30 per barrel.
Both benchmarks had retreated from their highest levels since April during the previous session due to easing concerns about Hurricane Beryl’s impact on Gulf of Mexico production.
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, significantly more than expected. The Energy Information Administration is set to release the official weekly data later today.
With the Independence Day holiday approaching, gasoline demand in the U.S., the world’s largest oil consumer, is anticipated to increase.
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