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Fort Financial Services - EN

Wednesday, 24 May 2017

US markets to open mix as investors await Fed minutes

Posted by Fort Financial Services at 14:55 Labels: Wall Street

US equity index futures pointed mixed in pre-session hours on Wednesday, as investors shifted their attention to the April minutes from the Federal Open Market Committee.
Wall Street top three indexes closed higher on Tuesday as President Donald Trump moved forward with his first international tour, cooling down speculation that he will face strong opposition to his tax reform and other economic initiatives in Congress.
The Dow Jones industrial average added 45 points, with investment bank Goldman Sachs on top of advancers. The S&P 500 also closed in green territory, recovering almost completely from its worst performing session of the year. The Nasdaq composite was able to end higher, although it was considerably shaken by Apple stocks, which plunged near the closing bell.
  • Dow Jones Industrial Average: +43.08 / +0.21% / 20,937.91
  • Standard & Poor’s 500: +4.40 / +0.18% / 2,398.42
  • Nasdaq Composite: +5.09 / +0.08% / 6,138.71
Washington’s scene is now divided in three parts. First, the political scandal surrounding the Trump administration over reports of an alleged interference of the President into an investigation of former FBI Director James Comey. Second, Trump’s international visits to Saudi Arabia, Israel and Palestine. Analysts believe the trip came in handy for the White House, as it changed the focus from domestic to international politics.
Yesterday, the government released a proposed budget for 2018. The document, which requires Congress approval, suggest selling 110,000 crude oil barrels per day through 2027. The new administration is planning a $3.6 trillion federal spending cut in the next decade.
Traders were also keeping an eye on Europe, where stocks remained positive despite a terrorist attack in the Manchester Arena that left 22 dead and dozens injured. In reaction to this event, Prime Minister Theresa May raised the threat level from severe to critical.
In economic news, the Commerce Department said new home sales dropped 11.4 percent in April to a seasonally adjusted annual 569,000 units, below the 610,000 units initially predicted.
Today, investors will be closely following the release of the Federal Reserve minutes at 18:00 GMT, which comes together with a speech from Treasury Secretary Steven Mnuchin. A bit earlier, existing home sales in the United States are expected as of 14:30 GMT. Crude oil inventories from the US Energy Information Administration are also due at that time.

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