By Oliver Gray
Investing.com - U.S. stocks futures traded steady in early APAC deals on Wednesday, following a retreat from record highs in the previous session as weaker than expected local data hit risk sentiment while investors also remained wary as spiking coronavirus infection rates across the United States threaten a full economic reopening.
In regular trade on Tuesday, The Dow Jones Industrial Average lost 282 points or 0.79% to 35343.29, posting its first daily decline in five consecutive sessions, while the S&P 500 dipped 31.65 points or 0.71% to 4448.07 for its largest fall since July. The NASDAQ Composite dipped 137.58 points or 0.93% to 14656.18.
Among local data, retail sales fell 1.1% from a month earlier in June, exceeding forecasts of a 0.3% decline, driven largely by a drop in car sales while surging coronavirus infection rates hit consumer demand.
Market participants will also be closely monitoring the release of the Federal Open Market Committee meeting minutes due later in the session for further clues on the Federal Reserve’s tapering timeline and its stance on inflation.