© Reuters.
Investing.com - Wall Street pointed to a slightly higher open on Wednesday as markets turned their attention to U.S. inflation figures and the minutes from the last Federal Reserve meeting.
The blue-chip gained 58 points, or 0.2%, to 26,216.0 points by 6:47 AM ET (10:47 GMT), the advanced 8 points, or 0.3%, to 2,890.38 points, while the tech-heavy traded up 18 points, or 0.2%, to 7,611.12 points.
U.S. stocks looked to set to stage a small recovery after growth worries and trade concerns snapped an eight-day winning streak for the when the International Monetary Fund lowered its global growth outlook and as President Donald Trump threatened to impose tariffs on $11 billion of European goods.
But research firm Evercore ISI said the with its gloomy outlook, as both markets and the world economy are showing signs of recovery.
“The IMF lowering its global growth outlook to the lowest since the financial crisis will be viewed in hindsight as a contrarian indicator,” Richard Ross, head of technical analysis at the research firm, wrote in a note. “The technicals suggest that global growth is poised to inflect higher and the backdrop for risk-taking remains strong.”
Separately, economists at Goldman Sachs have over the next four quarters to slightly over 10% from around 20% at the end of the fourth quarter. They noted that an easing in financial conditions has helped reduce downside risks considerably while the Fed’s pause in hiking interest-rates has lifted sentiment.
Adding further insight into the outlook for monetary policy in the months ahead, the Commerce Department will publish March inflation figures at 8:30AM ET (12:30 GMT). The is expected to rise 1.8% on an annualized basis, while , that excludes volatile food and fuel costs, is forecast to hold steady at 2.1%.
At 2:00PM ET (18:00 GMT), investors will peruse the from the Fed’s meeting on March 20. The central bank switched gears last month, not only saying it no longer expected to increase rates this year but also indicated that it plans to end the reduction of its balance sheet by September.
On the company front, big U.S. banks will be in the spotlight as their chief executives head to Washington to participate in a scheduled event, “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 Years After the Financial Crisis”, with the House Committee of Financial Services.
Their testimony comes as JP Morgan and Wells Fargo (NYSE:) prepare to unofficially kick off the first-quarter earnings season. Both banks report on Friday.
Wednesday’s session will also see a trickle of quarterly earnings from the likes of Delta Air Lines (NYSE:) ahead of the open and Bed, Bath & Beyond after the close.
Elsewhere, the European Central Bank was set to deliver its latest decision on monetary policy at 7:45 AM ET (11:45 GMT). While no changes to are expected, the euro zone monetary authority may provide further details to its program to offer low-cost financing to banks, known as TLTROs.
Also on the docket, European leaders are holding an emergency summit starting at 12:00 PM ET (16:00 GMT) to decide whether to grant the U.K. yet another extension to its departure from the European Union.
Outside of equities, the , which measures the greenback against six rival currencies, dipped 0.06% to 96.55 by 6:49 AM ET (10:49 GMT), while the inched up 0.3 basis points to 2.502%.
In commodities, were little changed at $1,307.75 a troy ounce, while traded up 0.7% to $67.44 a barrel.
https://www.investing.com/news/stock-market-news/stocks--us-futures-recover-ahead-of-cpi-fed-minutes-1832251
2019-04-10 10:51:00Z
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