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Dow futures stabilize as investors wait for retail sales

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Stock index futures saw moderate action on Wednesday as investors await a series of data that could offer new clues about the health of the COVID-hit economy and the Reserve’s short-term monetary policy strategy federal.

How are benchmarks performing?
  • Futures for the Dow Jones Industrial Average YMH21,
    + 0.03%

    YM00,
    + 0.03%
    traded 23 points closer to 31,481, a gain of less than 0.1%.

  • Futures on S&P 500 ES00 index,
    -0.03%
    ESH21,
    -0.03%
    increased by 2 points to 3,929.50, also less than 0.1%.

  • Nasdaq-100 NQH21 Futures,
    -0.32%

    NQ00,
    -0.32%
    were down 16 points, or 0.1%, to 13,752.

Wednesday, the Dow DJIA,
+ 0.20%
finished on a record, but the S&P 500 and the Nasdaq Composite COMP,
-0.34%
the indexes broke a string of two-day gains to finish lower.

What drives the market?

Investors will be watching US retail sales data for January, the latest reading on consumer health amid the coronavirus pandemic. Signs of improvement could help allay some concerns after holiday sales showed weakness as COVID cases increased. Economists estimate that sales rose 1.1% for January, after falling 0.7% the month before, according to Econoday.

The Wall Street Journal reported that consumer spending earning less than $ 60,000 a year jumped more than 20% in the week ended Jan. 10, suggesting that consumer spending may be poised to see a sharp rise spurred by government COVID help checks.

The retail report is due out at 8:30 a.m. Eastern Time with a final reading of producer prices.

Meanwhile, the market is grappling with rising bond yields in hopes of better economic conditions ahead given the prospect of more fiscal stimulus from Congress and declining cases. coronavirus. Tuesday, the 10-Treasury note TMUBMUSD10Y,
1.328%
achieved a return close to 1.30%, its highest level since February 26, according to Dow Jones Market Data.

Markets are showing slight losses today as slight concerns about rising government bond yields have encouraged some traders to reduce their exposure to equities, said David Madden, market analyst at CMC Markets UK.

Recently, the mood in global equity markets has been very bullish as multi-year highs and in some cases historic highs have been set, Madden wrote. The purchases were fueled by hopes of increased stimulus spending on the part of the Biden government, also playing into the mix of opinion that successful vaccine deployments should help reopen economies and, in turn, , economic activity will increase later this year, referring to President Joe Bidens’ proposal for COVID assistance of $ 1.9 trillion.

Meanwhile, frigid weather is causing problems across much of the United States, including Texas, leaving millions of people without power and nearly 75% of the lower 48 states under blanket snow, the WSJ wrote. , citing the National Snow Analysis daily report from the National Oceanic and Atmospheric Administrations.

In other economic reports, investors will watch the minutes of the January Federal Reserves Policy Meeting to be released at 2 p.m. and other clues as to how the central bank will respond to economic improvement thanks to increased budgetary expenditures and efficient vaccine deployments.

Ahead of this report, an industrial production report is expected at 9:15 a.m., and a reading of business inventories and a housing market report is expected to be released at 10 a.m.

Among Fed speakers today, Federal Reserve Bank of Richmond Chairman Thomas Barkin is due to speak at 9 a.m., Boston Fed Chairman Eric Rosengrenis said he would speak for an hour later and Dallas Fed Chairman Robert Kaplanis is expected to speak later Wednesday after 6 p.m.

What stocks are targeted?
  • Actions of Verizon Communications Inc.VZ and Chevron Corp. The CVX rallied to the pace of the Dow after Warren Buffetts Berkshire Hathaway Inc. BRK.B revealed that it had acquired significant stakes in the companies during the fourth quarter.

  • Canadian Cannabis Society Sundial Growers Inc.SNDL has filed for pre-registration with the Securities and Exchange Commission to issue up to $ 1 billion in securities over time.

  • Manufacturer of medical devices Medtronic APIMDT said on Wednesday it is voluntarily recalling the unused Valiant Navion Thoracic Stent System and advising the doctor to immediately stop using the device until further notice.

  • LP energy transferET announced a purchase agreement on Wednesday Activate Midstream Partners LPENBL in a stock market transaction valued at 7.2 billion dollars.

  • Actions of Hilton Worldwide Holdings Inc.HLT tumbled in pre-market trading on Wednesday, after the hotel operator reported a surprise fourth-quarter loss and revenue that fell more than expected as the rise in COVID-19 cases and tightening restrictions on travel disrupted the positive dynamics observed during the summer and fall.

What are other assets doing?
  • The yield of the 10-year Treasury bill TMUBMUSD10Y,
    1.328%
    fell around 1 basis point 1.302%. Bond yields and prices move in opposite directions.

  • The ICE US Dollar IndexDXY, 0.38%, a measure of the currency against a basket of six big rivals, rose 0.4%.

  • Oil futures rose, with the US benchmark CL.1,
    + 1.33%
    up 1.4% to $ 60.91 per barrel, breaking the key level of $ 60.
    -1.06%
    fell 0.5% to about $ 1,789.40.

  • The pan-European Stoxx 600 SXXPfell 0.3% and the London FTSE 100UKX stock index lost 0.2%.

  • Markets in Hong Kong HSI,
    + 1.10%
    closed up 1.1%, while Japan’s Nikkei 225NIKshed 0.6%.

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