Stock futures trade higher ahead of Fed minutes
Investors should feel ‘some fear’: Robert Wolf on markets
32 Advisors founder and CEO Robert Wolf on how markets are reacting to coronavirus in the U.S., the Federal Reserve, infrastructure and President Biden’s policies.
U.S. equity futures are trading higher ahead of Wednesday's opening bell on Wall Street.
The major futures indexes suggest a gain of 0.1%.
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The minutes from the Federal Reserve minutes from its last policy meeting are due later in the day.
Traders will be looking through the minutes for more clues about the bank's economic outlook as well as thoughts on interest rates and bond-purchasing.
Before that, keep an eye out for the Job Openings and Labor Turnover Survey. The Labor Department is expected to say that there were 9.388 million job openings available at the end of May. That’s up about 100,000 from April’s reading.
Wall Street's benchmark S&P 500 index broke a seven-day streak of record closes on Tuesday and fell after the Institute of Supply Management reported service industry activity grew in June at a slower rate than forecast.
|I:DJI||DOW JONES AVERAGES||34577.37||-208.98||-0.60%|
|I:COMP||NASDAQ COMPOSITE INDEX||14663.640373||+24.32||+0.17%|
The S&P lost 0.2% to 4,343.54 on Tuesday, led by losses for banks and energy companies. The index is up 15.6% for the year.
The Dow Jones Industrial Average fell 0.6% to 34,577.37. The Nasdaq Composite rose 0.2% to 14,663.64.
Asian stock markets followed Wall Street lower Wednesday.
The Nikkei 225 in Tokyo sank 1%, the Hang Seng in Hong Kong lost 0.5% and China's Shanghai Composite Index was up 0.7% after China's Cabinet announced it would impose stricter data security and other standards on Chinese companies that want to join foreign stock exchanges.
The announcement, at a time when Beijing is tightening control over technology industries, is a potential hurdle for Chinese entrepreneurs who have raised billions of dollars abroad. It comes after ride-hailing service Didi Global Inc. was ordered to stop signing up new users and remove its app from online stores while it increases security for customer information.
|DIDI||DIDI GLOBAL INC||12.49||-3.04||-19.57%|
Also Tuesday, Didi shares dropped 19.6% in New York. That follows a 5% drop on Friday after Chinese regulators said they were investigating information security at Didi and two other ride technology companies.
Amazon jumped 4.7% after the Pentagon said it is canceling a cloud-computing contract with rival Microsoft that could eventually have been worth $10 billion and will instead pursue a deal with both Microsoft and Amazon. Microsoft shares were little changed.
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In energy markets, benchmark U.S. crude added 80 cents to $74.17 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.79 to $73.37 on Tuesday. Brent crude, the basis for pricing international oils, gained 67 cents to $75.20 per barrel in London. It plunged $2.63 the previous session to $74.53.
The Associated Press contributed to this report.
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