Stocks- U.S. Futures Flat as Trade Talk Worries Continue

  • Investing.com
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Stocks- U.S. Futures Flat as Trade Talk Worries Continue
Credit: © Reuters.

Investing.com – U.S. futures pointed to a flat opening bell on Thursday as investors looked ahead to economic data and concern over U.S.-China trade talks continued.

The S&P 500 futures was down half a point or 0.02% to 2,730.25 as of 6:46 AM ET (10:46 GMT) while Dow futures decreased 18 points or 0.07% to 24,841.0. Meanwhile tech heavy Nasdaq 100 futures rose three and a half points or 0.05% to 6,960.50.

A flurry of economic data is expected later in the day, with jobless claims at 8:30 AM ET (12:30 GMT) and existing home sales at 10:00 AM ET (14:00 GMT).

Investors were also digesting the latest Federal Reserve meeting notes, which took an unexpected dovish tone. The Fed meeting notes suggested that while another interest rate hike is warranted, the central bank would accept inflation rising above its target rate for a while.

This was a surprise to investors, who expect the Fed to increase interest rates and tighten monetary policy in the coming months. The Fed raised rates in March and is expected to raise rates twice more, with a 95% chance of a hike in June.

Meanwhile U.S.-China trade concerns lingered, with U.S. President Donald Trump concerning new tariffs of 25% on imported vehicles. Chinese officials have said they have not pledged to cut the country's trade surplus, which has increased uncertainty over trade talks between the two countries.

General Electric (NYSE: GE ) was among the top gainers in pre-market trading, rising 0.56% while British American Tobacco (LON: BATS ) PLC ADR (NYSE: BTI ) surged 1.49% and Teva Pharma Industries Ltd ADR (NYSE: TEVA ) was up 0.57%.

Elsewhere Tata Motors (NS: TAMO ) Limited ADR (NYSE: TTM ) slumped 6.43% and Deutsche Bank AG (DE: DBKGn ) NA O.N. (NYSE: DB ) (DE:DBKGn) fell 3.96%.

On the earnings front, Best Buy Co Inc (NYSE: BBY ), Ross Stores (NASDAQ: ROST ), and McKesson (NYSE: MCK ) are some of the firms expected to release their earnings results.

In Europe stocks were mostly up. Germany’s DAX rose seven points or 0.06% while in France the CAC 40 increased 24 points or 0.43% and in London, the FTSE 100 was down five points or 0.08%. Meanwhile the pan-European Euro Stoxx 50 gained 13 points or 0.39% while Spain’s IBEX 35 rallied 51 points or 0.51%.

In commodities, gold futures rose 0.46% to $1,295.50 a troy ounce while crude oil futures decreased 0.64% to $71.38 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, was down 0.20% to 93.72.

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