Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Dow futures rise 40 pts; Fed minutes, jobless claims, Michigan sentiment in focus

Stock Markets Nov 23, 2022 23:20
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
EUR/USD
-1.05%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
US500
-1.04%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
-0.38%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DE
-0.12%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
HPQ
-0.91%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
JWN
+24.79%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Peter Nurse

Investing.com -- U.S. stocks are seen opening with small gains Wednesday, with investors wary ahead of the release of the minutes of a Federal Reserve meeting as well as significant economic data.

At 07:00 ET (12:00 GMT), the Dow Futures contract was up 40 points, or 0.1%, S&P 500 Futures traded 5 points, or 0.1% higher, and Nasdaq 100 Futures climbed 20 points, or 0.2%.

The main stock indices closed higher Tuesday, supported by a number of Federal Reserve officials making the case for a smaller interest rate hike in December.

The blue-chip Dow Jones Industrial Average closed almost 400 points, or 1.2%, higher, the broad-based S&P 500 ended up 1.4%, and the tech-heavy Nasdaq Composite climbed 1.4%.

Fed policymakers have been keen to express the need for interest rates to continue going higher to fight inflation, but there is a degree of confidence in the market that the December meeting will see a smaller increase than the 75-basis-point hikes of the last four meetings.

With this in mind, the minutes of the central bank’s last meeting, due later on Wednesday, will be studied carefully for clues on its plans for future rate hikes.

There is a packed economic calendar Wednesday, with investors set to digest weekly jobless claims numbers, durable goods, and new home sales for October as well as Michigan sentiment and November PMI data.

Quarterly earnings slow down Wednesday ahead of the holiday, with numbers from Deere & Company (NYSE:DE), the agricultural and construction equipment maker, the main release.

Elsewhere, Nordstrom (NYSE:JWN) stock slumped over 8% premarket after the upmarket clothing retailer reported a fall in net sales of 3.4% in its third quarter, while trimming its net profit forecast for the fiscal year ending January 2023.

HP (NYSE:HPQ) will also be in the spotlight after the PC maker announced plans to cut up to 6,000 jobs by the end of fiscal 2025, or about 12% of its global workforce, while also forecasting a lower-than-expected profit for the first quarter.

Crude oil prices fell sharply Wednesday following a Bloomberg report that the European Union, in coordination with the G-7, is discussing capping the price of Russian crude oil at between $65 and $70 a barrel, a significant discount to the current market rate.

EU officials are meeting on Wednesday with the aim of approving the cap mechanism and a proposed price level.

The market had suffered sharp falls at the end of last week and into this week on concerns about lower fuel demand from China, as the world's largest crude importer struggles with a record-high increase in daily COVID-19 infections.

Also of interest will be the official U.S. crude stockpiles from the Energy Information Agency later in the session, after Tuesday’s data from the American Petroleum Institute, an industry body, showed that U.S. stocks fell 4.8 million barrels in the past week.

By 07:00 ET, U.S. crude futures traded 2% lower at $79.31 a barrel, while the Brent contract fell 2.3% to $86.30.

Additionally, gold futures traded largely flat at $1,739.95/oz, while EUR/USD traded 0.2% higher at 1.0319.

Dow futures rise 40 pts; Fed minutes, jobless claims, Michigan sentiment in focus
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email