MARKET SNAPSHOT: Stock Futures Point Slightly Lower Ahead Of Testimony By Fed's Powell

Date : 07/10/2019 @ 11:21AM
Source : Dow Jones News
Stock : FTSE 100 Index (UKX)
Quote : 7393.75  86.05 (1.18%) @ 12:38PM
FTSE 100 share price Chart

MARKET SNAPSHOT: Stock Futures Point Slightly Lower Ahead Of Testimony By Fed's Powell

MSC Industrial Direct (NYSE:MSM)
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By William Watts, MarketWatch

Stock-index futures pointed slightly lower Wednesday, with investors appearing to stick to the sidelines ahead of testimony by Federal Reserve Chairman Jerome Powell before lawmakers.

How are the major benchmarks faring?

Futures on the Dow Jones Industrial Average were down 65 points, or 0.3%, at 26,716, while S&P 500 futures declined 7.35 points, or 0.3%, to 2,974.50. Nasdaq-100 futures fell 21.5 points, or 0.3%, to 7,823.75.

Equities ended mostly higher on Tuesday, with the S&P 500 rising 3.68 points, or 0.1%, to end at 2,979.63, while the Nasdaq Composite rose 43.35 points, or 0.5%, to 8,141.73.

The Dow bucked the trend, however, slipping 22.65 points, or 0.1%, to finish at 26,783.49. Major indexes remain less than 1% away from all-time closing highs set last Wednesday.

What's driving the market?

Stocks have seen rangebound trade this week as investors await remarks by Powell for confirmation the Fed is on track to deliver a rate cut at the end of the month as well as for clues to the scope for additional easing.

Powell's prepared remarks are scheduled for release at 8:30 a.m. Eastern. He is slated to appear before the House Financial Services Committee at 10 a.m.

Powell's update "is likely to greatly shape equity traders' views," said David Madden, market analyst at CMC Markets UK, in a note. "Throughout June there was a growing belief that the Fed would cut rates in July, and later this year, but given the solid non-farm payrolls report last Friday, dealers are less convinced the Fed will lurch to a very dovish stance."

Read:Could the Fed surprise the stock market by skipping a July rate cut? It's not out of the question (

( see:How the stock market's 'bad news is good news' run could come to an end (

( are also expected to keep an eye on renewed U.S.-China trade talks, though there remains little sign of significant movement, analysts said.

China's Commerce Ministry said the country's top trade negotiator, Vice Premier Liu He, conducted a phone call with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, according to Reuters (

Aside from Powell's testimony, the economic calendar also features the release of minutes of the Fed's last policy meeting at 2 p.m. Eastern Time. Ahead of that, data on May wholesale inventories are set for release at 10 a.m., and St. Louis Fed President James Bullard is due to deliver remarks at 1:50 p.m.

Which stocks are in focus?

Shares of MSC Industrial Direct Co.(MSM) might be in focus after fiscal third-quarter profit and revenue missed expectations and the company provided a downbeat outlook, while boosting its dividend by 19%.


(END) Dow Jones Newswires

July 10, 2019 07:06 ET (11:06 GMT)

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