U.S. stock index futures turned mixed on Wednesday, giving up gains as investors waited for more economic data and fresh numbers out of China revealed its own pandemic struggles.
How are stock futures trading?
Dow Jones Industrial Average futures
slipped 11 points to 34,453
S&P 500 futures
rose 3.7 points to 4,438
gained 23 points, or 0.1%, to 15,403
On Tuesday, the Dow industrials
dropped 292.06 points, or 0.8%, to finish at 34,577.57, the S&P 500 index
fell 25.68 points, or 0.6%, to 4,443.05 and the Nasdaq Composite
fell 67.82 points, or 0.5%, to 15,037.76.
What’s driving the market?
Investors remain worried that fallout from the pandemic is slowing global economic growth, as the delta variant has fueled surging cases in the U.S. and other countries. Markets have been trying to regroup after a string of losses that were briefly halted on Monday.
The Dow and S&P 500 have lost ground for six of the last seven days and the Nasdaq has posted five straight days of losses. For September, the Dow is off by more than 2% and the S&P 500 is down about 1.8%.
“I suspect the market is likely to bounce around as it tries to stabilize. From a near term prospective the market is somewhat oversold, therefore we could get a bounce. However the cautious attitude will likely prevail since the decline has been accompanied by low volume,” Peter Cardillo, chief market economist at Spartan Capital Securities, said in emailed comments.
More U.S. economic data is ahead for Wednesday, starting with August import prices and the New York state Empire factory index for September, both due at 8:30 a.m. Eastern Time., and industrial production and capacity utilization for August due at 9:15 a.m. Eastern.
Overnight news saw a batch of downbeat data from China, where August retail sales grew a disappointing 2.5% from a year earlier, from 8.5% growth in July. Industrial output in August and fixed-asset investment also fell short of expectations.
Which companies are in focus?
Shares of Microsoft Corp.
rose 1.3% in premarket trading. The technology giant late Tuesday lifted its quarterly dividend by 11% and the company’s board agreed a new stock buyback plan of up to $60 billion.
Shares of Las Vegas Sands
and Wynn Resorts
fell over 7% each, while MGM Resorts
shares fell 3% in premarket. The losses came after casino shares slumped in Macau on indications the local government aims to more closely supervise those companies.
How are other assets trading?
The yield on the 10-year Treasury note
fell 1 basis point to 1.273%. Yields and debt prices move in opposite directions.
The ICE U.S. Dollar Index
which measures the currency against a basket of six major rivals, fell 0.1% to 92.49.
Oil futures were higher, with the U.S. benchmark
rising $1.26 to $71.36 a barrel. October natural gas
climbed 3% to $5.42 per million British thermal units.
In European equities, the Stoxx Europe 600 index
fell 0.4%, while London’s FTSE 100 index