Sharecast News
26 May, 2022 12:33

US pre-open: Dow Jones futures trade higher following FOMC minutes

dl nyse new york stock exchange wall st street city finance dow jones nasdaq sp finance dollar dollars us usa united states of america
New York Stock ExchangeSharecast photo / Josh White

Wall Street futures were in the green ahead of the bell on Thursday as investors continued to digest minutes from the FOMC's latest meeting and a disheartening update from chipmaker Nvidia.

As of 1230 BST, Dow Jones futures were up 0.45%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.42% and 0.20% firmer, respectively.

The Dow closed 191.66 points higher on Wednesday extending gains recorded in the previous session as market participants digested minutes from the Federal Reserve's most recent policy meeting, which suggested the central bank was prepared to be flexible with interest rate hikes.

The latest Fed meeting was still in focus ahead of the bell on Thursday, with the minutes revealing policymakers were supportive of 50-basis point rises as it moves its interest rate target "expeditiously towards neutral".

Most officials on the Federal Open Market Committee agreed that half-point increases would "likely be appropriate at the next couple of meetings" and added that "a number of participants" believed inflationary pressures "may no longer be worsening". Although they added it was too soon to be sure.

Moving on to corporate news, shares in chipmaker Nvidia slipped in pre-market trading after issuing weaker-than-expected second-quarter guidance, while shares in software firm Snowflake also crashed after the group's guidance for operating margins came in narrower than originally expected.

In terms of earnings, Burlington Stores, Jack in the Box, Dollar General, and Macy's will publish earnings before the open, while Costco and Gap will report during the session and Dell Technologies and VMWare will update on recent trading after the close.

On the macro front, a second estimate of second-quarter gross domestic product growth will be published at 1330 BST, as will the weekly jobless claims report from the Department of Labor, while April pending home sales figures will follow at 1500 BST.

Reporting by Iain Gilbert at Sharecast.com


News Source: © 2022 Web Financial Group (UK) Limited. All rights reserved and terms of use apply.

Important Legal Notice about News Sources: Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news and we may not share the views of the author or publisher. We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.

 

Important Legal Notice about News Sources

Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.