Market Snapshot: U.S. stock futures slip as ahead of a busy day for Fed speakers

by | Feb 8, 2023 | Stock Market

U.S. stock futures were trading lower on Wednesday, as investors looked for fresh catalysts to move the market higher and waited to hear from a cluster of Federal Reserve speakers. How are stock-index futures trading?
S&P 500 futures
slipped 0.3%, or 13.2 points, to 4,164.25

Dow Jones Industrial Average
futures fell 0.2%, or 75 points, to 34,132

Nasdaq-100 futures
dipped 0.2%, or 34.75 points, to 12,783.75

On Tuesday, the Dow industrials
surged 265.67 points, or 0.8%, to 34,156.69, the S&P 500 
 gained 52.92 points, or 1.3%, to finish at 4,164, and the Nasdaq Composite 
jumped 226.34 points, or 1.9%, to end at 12,113.79.

What’s driving the markets? Stocks rallied Tuesday in choppy action after Fed Chairman Jerome Powell predicted a sharp decline in inflation this year, but also said more interest-rate hikes will be needed. “The downside risk to Powell’s comments is that while inflationary pressures are easing in the goods economy, the services sector, which has more sticky inflation components, could underpin high inflation for much longer than anticipated,” said Peter Garnry, head of equity strategy at Saxo Bank, in a note to clients. Investors will get fresh insight from Fed officials on Wednesday, kicking off with an appearance by New York President John Williams at 9:15 a.m. Eastern, followed by Fed Gov. Lisa Cook at 9:30 a.m., Vice Chair Michael Barr and Atlanta President Raphael Bostic at 10 a.m., Minneapolis President Neel Kashkari at 12:30 a.m., then Fed Gov. Christopher Waller at 1:45 p.m. Revised wholesale inventories are due at 10 a.m. Ten
and 2-year
bond yields were slipping, while the dollar
was falling and oil prices
were higher. Read: The bond market is flashing a warning that U.S. stocks could be headed lower Elsewhere, late Tuesday in his State of the Union address late Tuesday, President Joe Biden called for a quadrupling of the tax on corporate stock buybacks, as well as pledging to cut the deficit by $2 trillion. Read: Why Biden’s 4% buyback tax could boost stock prices and dividends More earnings news is ahead, with Uber Technologies Inc.,
Yum Brands Inc.
and CVS Health Corp.
due ahead of the market open, followed by Walt Disney Co.
Wynn Resorts Ltd.
Robinhood Markets Inc.
among others, after the close. Shares of Manchester United surged 13% in premarket trading after a report that a Qatari bid was imminent for the U.K. football club.

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