Fed speak ahead, Disney to report - what's moving markets
Investing.com -- U.S. futures hovered around the flatline on Wednesday, with comments from Federal Reserve officials tempering some investor optimism that has supported a prolonged rally on Wall Street. Markets will be closely listening to statements from Fed Chair Jerome Powell later today, as traders attempt to gauge the central bank's future rate path. Elsewhere, Walt Disney (NYSE:DIS) is due to report its latest quarterly earnings and Democrats secure key victories in off-year elections.
1. Futures hover around flatline
U.S. stock futures held close to the flatline on Wednesday, as investors examined the staying power of a rally on Wall Street that extended into the prior session.
By 05:01 ET (10:01 GMT), the Dow futures contract was mostly flat, S&P 500 futures had slipped by 2 points or 0.1%, and Nasdaq 100 futures had shed 12 points or 0.1%.
The benchmark S&P 500 and tech-heavy Nasdaq Composite notched their seventh and eighth straight day of gains on Tuesday, respectively, in the longest winning streak for both indices since 2021. The 30-stock Dow Jones Industrial Average also posted its seventh consecutive positive day.
Traders have been buoyed by hopes that the Federal Reserve may react to recent economic data by soon beginning to cut interest rates from more than two-decade highs. However, some Fed officials have flagged that stronger-than-anticipated third-quarter U.S. growth could warrant further tightening, with one policymaker even calling for another hike (more below).
2. Powell comments in focus
Fed Chair Jerome Powell is set to deliver comments at separate conferences in Washington D.C. over the next two days, with markets likely keen for him to expand on his assessment of the Fed's upcoming rate
Read more on investing.com
