Lower Futures Point To Weak Opening On Wall Street; Fed Policy Eyed

RTTNews | hace 503

(RTTNews) - Although lower futures currently point to a weak start for U.S. stocks Wednesday morning, the mood may change positive if some of the data due ahead of the opening bell turn out to be a bit encouraging. However, the focus today is on the Federal Reserve's monetary policy announcement, due later in the day.

The central bank is widely expected to leave interest rate unchanged. The accompanying statement and Fed Chair Jerome Powell's post meeting press conference for clues about future interest rate moves.

Data on manufacturing activity for the month of April, construction spending, private sector employment and U.S. job openings are all due this morning.

In earnings news, Amazon Inc. announced after trading hours on Tuesday that it posted a net income of $10.4 billion in the first quarter of this year, up three times its earnings a year ago. First-quarter sales increased 13% to $143.3 billion, the company said.

Pfizer Inc. repofted first-quarter earnings of $3.12 billion, or $0.55 per share, compared with $5.54 billion, or $0.97 per share, in last year's first quarter. For fiscal 2024, the company projects adjusted earnings in a range of $2.15 to $2.35 per share, up from the prior guidance range of $2.05 and $2.25 per share.

Advanced Micro Devices Inc. reported first-quarter earnings of $123 million, compared with a loss of $139 million in the year-ago quarter.

Stock prices went down south on Wall Street on Tuesday, sliding lower and lower after a weak start, as concerns about inflation and uncertainty about the Fed's interest rate moves rendered the mood bearish.

Investors digested a mixed batch of earnings updates, and some disappointing economic data.

The major averages all ended sharply lower, with the Nasdaq suffering a more pronounced loss. The Dow ended down by 570.17 points or 1.49 percent at 37,815.92. The S&P 500 dropped 80.48 points or 1.57 percent to 5,035.69, while the Nasdaq tumbled 325.26 points or 2.04 percent to settle at 15,657.82.

Swiss Market Ends On Weak Note

The Switzerland market closed notably lower on Tuesday, in line with most of the major markets across Europe, as the mood remained cautious ahead of monetary policy announcements from the Federal Reserve and the Bank of England, due on Wednesday and Thursday, respectively.

RTTNews | hace 1h 13min

European Markets Close On Weak Note Ahead Of Fed, BoE Policy Decisions

European markets closed notably lower on Tuesday as investors, digesting a slew of economic data from the region, remained reluctant to pick up stocks ahead of Federal Reserve's interest rate decision due on Wednesday.

RTTNews | hace 1h 28min

U.S. Business Inventories Rise 0.2% In July, In Line With Estimates

The Commerce Department released a report on Tuesday showing business inventories in the U.S. increased in line with expectations in the month of July. The report said business inventories rose by 0.2 percent in July, matching the increase seen June as well as economist estimates.

RTTNews | hace 2h 29min

U.S. Homebuilder Confidence Holds Steady In September

Homebuilder confidence in the U.S. held steady in the month of September, according to a report released by the National Association of Home Builders on Tuesday. The report said the NAHB/Wells Fargo Housing Market Index came in at 32 in September, unchanged from August. Economists had expected the index to inch up to 33.

RTTNews | hace 2h 57min

U.S. Industrial Production Unexpectedly Inches Slightly Higher In August

Industrial production in the U.S. unexpectedly edged slightly higher in the month of August, according to a report released by the Federal Reserve on Tuesday. The Fed said industrial production crept up by 0.1 percent in August after falling by a downwardly revised 0.4 percent in July. Economists had expected industrial production to slip by 0.1 percent.

RTTNews | hace 3h 14min

U.S. Import Prices Unexpectedly Increase In August

A report released by the Labor Department on Tuesday showed import prices in the U.S. unexpectedly increased in the month of August. The Labor Department said import prices rose by 0.3 percent in August after inching up by a downwardly revised 0.2 percent in July. Economists had expected import prices to edge down by 0.1 percent.

RTTNews | hace 3h 30min

Canadian Market Drifts Lower In Cautious Trade

The Canadian market is down in negative territory Tuesday morning, as data showing an increase in the nation's consumer price inflation dimmed the extent of rate cuts this year although the Canadian central bank is widely expected to lower interest rate by 25 basis points on Wednesday.

RTTNews | hace 3h 56min

U.S. Retail Sales Climb 0.6% In August, Much More Than Expected

The Commerce Department released a report on Tuesday showing retail sales in the U.S. rose by much more than expected in the month of August. The report said retail sales climbed by 0.6 percent in August, matching an upwardly revised increase in July. Economists had expected retail sales to inch up by 0.2 percent compared to the 0.5 percent growth originally reported for the previous month.

RTTNews | hace 4h 57min

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