U.S. stock futures traded higher due to Fed’s statement
U.S. stock futures edged higher as traders await the Federal Reserve chairman’s latest statement on the state of the economy.
- Dow Jones Industrial Average futures rose 42 points or 0.14%.
- S&P 500 futures were up 0.23%
- Nasdaq 100 futures were down 0.36%.
During the regular session:
- The Dow closed slightly higher, up about 40 points, or 0.13%.
- The S&P 500 added 0.07%.
- The Nasdaq Composite shed 0.11%.
Shares were higher after Goldman Sachs began revving Apple with a buy rating, boosting both the iPhone maker and the broader trading area. Apple makes up about 7% of the S&P 500. Other mega tech stocks like Alphabet and Microsoft also advanced.
The majors gave up most of those gains after bond yields rose slightly. Investors are worried about moves in the bond market after the 10-year Treasury yield recently broke through the key 4% mark.
January wholesale inventory data will be released after the opening bell on Tuesday, giving investors a look into the consumer economy. Economists polled by Dow Jones expect a 0.4% decline, compared with a 0.1% rise in the previous reading.
Consumer credit results, due Tuesday afternoon, are expected to rise by $22 billion in January, according to the Dow Jones Consensus Estimate. This follows an increase of $11.6 billion in the previous month.
Asian stocks slip
Asian stocks fell as weak trading data weighed on Chinese shares as investors awaited the Federal Reserve chairman’s decision on the central bank’s next rate hike later in the day.
On Tuesday, statistics indicated an abrupt decline in China’s imports and exports, suggesting a deceleration in the worldwide financial system. Subsequently, the Hang Seng index in Hong Kong dipped by 0.77%, and the CSI300 index in China plunged by 1.2%, negating its prior advances.
MSCI’s broadest index retreated 0.4%, although the index rose 2.9% this month.
Japan’s Nikkei stock index rose 0.3%.
