Tuesday, 02 January 2024 12:17 GMT

US takes center stage with data, Fed minutes


(MENAFN– ecpulse) The Federal Reserve and U.S. economic reports will snatch global focus Wednesday as markets look for signals on whether to continue their rally.

U.S. stock futures were steady around yesterday’s closing ranged.

-Futures on the Dow Jones Industrial Average lost 0.113% to 15916

-Futures on the S&P 500 index lost 0.151% to 1782.50

-Futures on the NASDAQ 100 dropped 0.067% to 3373.25 . As of 06:22 a.m. ET

Markets are waiting for the release at 2:00 p.m. ET of the minutes from the  Federal Reserve`s   most recent policy meeting.

Investors are looking for further evidence that the central bank will continue its  stimulus program  into 2014, extending the huge bond-buying spree that has supported the  U.S. economic recovery  and helped boost stock markets to  record levels .

On Tuesday evening, Chairman  Ben Bernanke  made a speech that indicated Fed support was likely to continue into 2014.

Markets are also waiting for the monthly Consumer Price Index from the U.S. Labor Department, which is the government`s key measure of inflation. That data will come out at 8:30 a.m. The Census Bureau will publish its monthly report on retail sales at the same time.

At 10:00, the National Association of Realtors will release its monthly report on existing home sales.

Movers

On the corporate side, retailers J.C. Penney and Lowe`s are scheduled to report quarterly results before the opening bell, while Green Mountain Coffee Roasters is up in the afternoon.

Shares in JPMorgan Chase were edging slightly lower after the investment bank announced a  $13 billion settlement  with the U.S. Department of Justice over mortgage-backed securities sold ahead of the financial crisis.

Yahoo shares rose in after-hours trading Tuesday following news that the company is boosting  its stock buyback  by another $5 billion.



ecPulse

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