Dow futures edge higher; more economic data, Fed speeches due
Investing.com — U.S. stock futures traded marginally higher Thursday, but gains are set to be restrained by concerns that economic resilience will result in the Federal Reserve delaying interest rate cuts.
By 06:25 ET (11:25 GMT), the Dow Futures contract was up 55 points, or 0.2%, S&P 500 Futures traded 15 points, or 0.3%, higher and Nasdaq 100 Futures climbed 100 points, or 0.6%.
The main U.S. averages closed lower on Wednesday, as U.S. Treasury yields continued to rise with stronger-than-expected December retail sales suggesting that American consumer health remains resilient despite recently elevated inflation and borrowing costs.
The blue chip Dow Jones Industrial Average fell almost 100 points, or 0.3%, while the broad-based S&P500 and the tech-heavy Nasdaq Composite both slipped 0.6%.
Fed officials have tried to rein in expectations of early rate cuts after the dovish tilt in the Federal Reserve's stance in December raised the market’s hopes.
There is more economic data to digest Thursday, in the form of weekly jobless claims as well as December housing starts and building permits, key gauges of demand in the crucial U.S. real estate sector.
Markets will be keeping an eye as well on the release of an index from the Philadelphia Federal Reserve that is generally considered to be a strong indicator of the state of the American manufacturing industry.
Atlanta Fed President Raphael Bostic is also scheduled to speak, and investors will be looking to see whether he discusses his outlook for interest rates.
In the corporate sector, Alphabet-owned Google (NASDAQ:GOOG) is likely to further reduce headcount, The Verge reported Chief Executive Sundar Pichai as stating in an internal memo.
The job cuts will not be as
Read more on investing.com
