Thursday, 29 June 2017
Wall Street futures mixed as investors awaited Q1 GDP
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Wall Street
Wall Street stock index futures pointed mostly higher, with investors looking ahead of key economic reports later in the session to reassess their expectations on monetary policy.
On Wednesday, the Dow Jones industrial average ended 140 points to the upside as Goldman Sachs and Caterpillar stocks rallying during the session.
The S&P 500 soared by 0.88 percent, with financial components adding 1.54 percent to lead other sectors higher. The Nasdaq composite also closed in green territory by 1.4 percent.
The technology index has been under heavy pressure lately. Earlier this week, Google was fined by EU regulators due to illegal practices to promote their sales platform.
Stocks of tech large-cap companies such as Facebook, Apple, Amazon and Netflix rebounded in the previous session, proving sufficient support to shift the Nasdaq into a positive path.
Dow Jones Industrial Average: -98.89 / -0.46% / 21310.66
Standard & Poor’s 500: -19.69 / -0.81% / 2419.38
Nasdaq Composite: -100.53 / -1.61% / 6146.62
In economic news, pending home sales fell 0.8 percent in May, against expectations for a 0.8 percent increase. Retail sales rose by 2.0 percent, also falling short from an initially estimated 2.6 percent build.
Traders were also paying attention to the oil market. The US Energy Information Administration reported a 118,000 barrels addition to crude inventories in the week ended June 23. Analysts had predicted a 2.5 million barrel reduction.
These figures increased concerns that OPEC-led efforts won’t be enough to counteract the ongoing supply overhang, which could lead into an even deeper fall in crude prices.
Ahead in the session, a new reading of the first-quarter gross domestic product is due for release as of 12:30 GMT, with 1.2 percent eyed. Initial jobless claims are set for the same moment. FOMC Bullard will speak as of 17:00 GMT.
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