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Home / Business / Stock futures drift lower after record break for S&P 500, Dow

Stock futures drift lower after record break for S&P 500, Dow



Futures for the stock indices were a little lower on Thursday as doubts grew over the prospect of a so-called US-China trade deal, which indicated a softer start for Wall Street a day after the Dow Jones Industrial Average and the S&P 500 each provided a record finish .

How do big indexes trade?

Dow futures

YMZ19, -0.16%

lost 31 points or 0.1% to trade at 27,731 while S&P 500 futures

ESZ1

9, -0.19%

was of 4.1 points, or 0.1%, of 3,091.5. Nasdaq-100 futures

NQZ19, -0.23%

dropped 15 points, or 0.2%, to 8,251

Wednesday, Dow

DJIA, + 0.33%

rose 92.10 points, or 0.3%, to record a record 27,783.59, while the S&P 500

SPX, + 0.07%

squeezed out a 2.2 point gain, or 0.1%, to finish at 3,094.04, to also mark a record finish. Nasdaq Composite

COMP, -0.05%

missed a record of his own, falling 3.99 points, or less than 0.1%, to close at 8,482.10.

What is driving the market?

The prospects for a US-China trade agreement remain the main factor in sustaining a rally that has pushed record high US stocks over the past five weeks.

“Stock markets are largely lower this morning as trade talks between the US and China have stopped. Recently, there has been tremendous hype in relation to the progress made, but now it seems that the conversations have hit the road, says David Madden, market analyst at CMC Markets U.K., in a note.

The Wall Street Journal reported Wednesday that the US-China talks had hit a disadvantage over farm purchases, with Beijing claiming to commit to a tough number in the deal, while President Donald Trump has claimed that China agreed to to buy $ 50 billion a year. News reports have also highlighted a dispute over tariffs, and Beijing is said to insist that existing tariffs be rolled back while the White House has resisted.

Federal Reserve Chairman Jerome Powell is scheduled to testify before the House Budget Committee at 10 p.m. Appearing on Wednesday for the Joint Economic Committee, Powell reiterated that the Fed would need to see a significant change in terms of moving the policy.

In US political news, investors brushed off the first day of a public inquiry into the House, which saw the acting ambassador to Ukraine testify that Trump questioned the status of Ukrainian investigation by former Vice President Joe Biden and alleged election interference for a day after pressed the President of Ukraine to launch these probes. Read: The stock market leads to record highs even as Trump impeachment hearings enter a new phase – here's why

The US economic calendar contains data on weekly unemployment claims at 4 p.m. At 8:30 am Eastern time, with first-time applications for benefits expected to rise to 215,000 in the week ending November 9 from 211,000 the week before. Separately, the October forecast for the producer price index shows an increase of 0.3%.

In addition to Powell, Fed speakers are making remarks, including Chicago Fed President Charles Evans and Fed Deputy Richard Clarida at 1 p.m. 9 East. St. Louis Fed President James Bullard will speak at 11:20 p.m., while Fed President John Williams of New York is eligible to comment at noon.

Shares to Look at

Shares of Walmart Inc .

WMT, + 1.56%

was more than 3% in the premarket action after the retail giant, and the Dow component, topped third-quarter profit expectations and same-store sales increased.

by fellow Dow component Cisco Systems Inc.

CSCO, + 0.19%

was more than 5% in the premarket action after giving a disappointing view when it announced quarterly results after the closing time on Wednesday.

[1944]] + 0.40%

and HP Inc.

HPQ, + 0.00% .

Icahn owns a 10.6% stake in Xerox and told the Wall Street Journal on Wednesday that he also owns a 4.24% stake in HP, valued at about $ 1.2 billion, which was not previously reported.

Shares of Viacom Inc.

VIAB, -2.24%

rose 2.1% in the premarket action on Thursday, after the media conglomerate reported fiscal revenue and sales in the fourth quarter that beat Wall Street expectations.

How do other markets trade?

Return on the 10-year US Treasury

TMUBMUSD10Y, -2.84%

fell 3 basis points to 1.840%, and added a 3.9 basis point slide on Wednesday triggered by trade concerns.

In commodities, the price of a barrel of West Texas intermediate crude marks for delivery in December

CLZ19, + 0.58%

rose 52 cents, or 0.9% to $ 57.62, while gold prices

GCZ19, + 0.43%

increased $ 6.20, or 0.4% to $ 1,469.50 per gram. The U.S. dollar, meanwhile, remained virtually unchanged, according to ICE U.S. dollar index

DXY, + 0.02% .

In Asia overnight, equities traded largely lower, with Japan's Nikkei

NIK, -0.76%

withdraw 0.8%, Hong Kong's Hang Seng Index

HSI, -0.93%

down 0.9% and China CSI 300

000300, + 0.15%

and added 0.2%.


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