U.S. stock-market futures nudged lower as big news day dawns in Washington
Stock-index futures pointed to a slightly lower start for Wall Street Wednesday as investors await congressional testimony by Federal Reserve Chairman Jerome Powell and gauged prospects for a U.S.-China trade deal a day after President Donald Trump offered no hints on the timing of an eagerly anticipated “phase one” pact.
Bulls and bears fought to a standstill Tuesday as far as the Dow DJIA, +0.00% was concerned, with the blue-chip gauge ending unchanged at 27,691.49. The S&P 500 SPX, +0.16% rose 4.83 points, or 0.2%, to end at 3,091.84, while the Nasdaq Composite COMP, +0.26% rose 21.81 points to end at 8,486.09, up 0.3%. The finish marked a record close for the Nasdaq, while the Dow and S&P 500 remain near their highs.
“Investors still seem to think this is mostly theatrics judging by the muted market reaction so far, but there’s no denying that even a partial deal is no longer ‘a sure thing,’” said Marios Hadjikyriacos, investment analyst at XM, in a note. “We expect him to reiterate that monetary policy is ‘in a good place,’ hence suggesting that the Fed is on hold for now,” wrote analysts at UniCredit, in a note.
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