Dow futures slip on recovery fears as focus turns to Fed By Reuters
© Reuters. FILE PHOTO: A Wall St. street sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., September 17, 2019. REUTERS/Brendan McDermid
By Devik Jain
(Reuters) – fell on Wednesday as renewed fears about the pace of a post-pandemic recovery dented demand for economically senstive sectors and sent investors to the perceived safety of technology-related stocks including Apple (NASDAQ:) and Amazon.com (NASDAQ:).
Industrials Caterpillar Inc (NYSE:), Boeing (NYSE:) Co and 3M Co, which generally perform better at a time of strong economic growth, shed between 0.2% and 0.4% in premarket trading.
Bank stocks JPMorgan Chase & Co (NYSE:), Goldman Sachs Group Inc (NYSE:) and Wells Fargo (NYSE:) & Co fell as much as 0.2%, a day after the logged its worst day in about a month on the back of a bigger-than-expected fall in U.S. retail sales.
After six straight months of gains for the S&P 500, trading on Wall Street’s main indexes has been more volatile in August – a seasonally weak period for financial markets – as concerns about slowing U.S. growth and the spread of the Delta variant took the shine off a solid corporate earnings season.
Focus on Wednesday will be on the minutes of the Federal Reserve’s last policy meeting, with investors looking for insight into the central bank’s debate over when to end its pandemic-era emergency programs.
Analysts expect the Fed to announce its plan for a “taper” of its asset purchases as early as its Sept. 21-22 meeting.
At 7:22 a.m. ET, Dow e-minis were down 80 points, or 0.23%, were down 4 points, or 0.09%, and were up 15.25 points, or 0.1%.
Oil stocks Exxon Mobil (NYSE:), Schlumberger NV (NYSE:) and Occidental Petroleum (NYSE:) were up between 0.3% and 1.1%, tracking crude prices higher. [O/R]
The S&P energy index has fallen 4.4% in the past four sessions amid fears of slowing global growth.
Amazon, Apple and other heavyweight tech stocks Google-owner Alphabet (NASDAQ:) Inc and Tesla (NASDAQ:) Inc rose between 0.2% and 1.2%.
The stocks had led Wall Street’s recovery from its coronavirus lows last year as investors flocked to names seen to benefit from higher demand during widespread lockdowns.
Lowe’s (NYSE:) Cos Inc rose 4.3% after it forecast full-year sales above estimates on a rise in spending from builders and handymen getting back to housing projects.
Target Corp (NYSE:), on the other hand, slipped 1.1% despite beating analysts’ estimates for same-store sales. The retailer’s stock has jumped about 44% year-to-date.
Earnings reports from online brokerage Robinhood Markets Inc (NASDAQ:), chipmaker Nvidia (NASDAQ:) Corp, network gear maker Cisco Systems Inc (NASDAQ:), lingerie brand Victoria’s Secret & Co and Bath & Body Works are due after market close on Wednesday.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Samsung SDI, Stellantis to set up EV battery joint venture in U.S By Reuters
© Reuters. FILE PHOTO: A Stellantis sign is seen outside the company’s headquarters in Auburn Hills, Michigan, U.S., June 10,…
Singapore scientists turn durian husks into bandages
A durian’s soft, yellow flesh inside its thorny green husk seen at a shop in Kuala Lumpur, Malaysia. Mohd Rasfan…