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Home / Business / US stock futures point to a flat start, but the dangers lie ahead

US stock futures point to a flat start, but the dangers lie ahead



US. Stock benchmarks should be opened near Thursday's uninterrupted Thursday, while Britain's attempt to leave the European Union properly to incite Wall Street's turmoil around the riots. Investors Digested US Federal Reserve Chairman Jerome Powell's Remarks on Monetary Policy Late Wednesday

How did the benchmarks develop?

Futures on the Dow Jones Industrial Average

YMZ8, -0.10%

are virtually unchanged at 25,042, while the S & P 500 Index Futures remains unchanged

ESZ8, -0.23%

are also flat at 2,698. Nasdaq 1

00 futures

NQZ8, + 0.00%

climbed 14 points, or 0.2%, to 6,780.

On Wednesday the Dow

DJIA, -0.81%

fell 205.99 points or 0.8% to 25,080.50. This is the fourth decline in the series. According to FactSet, this is the longest since August 13th.

The S & P 500 Index

SPX, -0.76%

ESZ8, -0.23%

fell 20.6 points or 0.8% to 2,701.58 and the Nasdaq Composite Index

COMP, -0.90%

lost 64.48 points or 0.9% to 7,136.39.

What drove the market?

U.K.. Prime Minister Theresa May and her plans for organized withdrawal from the European Union are being questioned in less than 24 hours after she says she has received her cabinet's approval for a draft Brexit plan. On Thursday, Brexit Secretary Dominic Raab resigned, followed by Cabinet Secretary Esther McVey. A so-called hard Brexit, in which the UK leaves the European trading bloc in March without a trade pact, could lead to turbulence in the financial world, worried the market participants.

Meanwhile, Fed Chairman Jerome Powell said the US had experienced the global headwind, but said they were "very happy with the economic situation" in a public debate with Dallas Fed Chairman Robert Kaplan late Wednesday. Markets are in tune with the head of the Fed, amid growing fears that policymakers are making a mistake in trying to normalize interest rates.

Read: Federal Reserve rate hikes now impact asset prices, says billionaire investor Ray Dalio

Which data and speakers are in focus?
  • Initial jobless claims for the week ending November 10th increased by 2,000 to 216,000 in the week ending November 10, slightly above the consensus forecast of 210,000 produced by a MarketWatch survey of economists.
  • Retail sales increased 0.8% In October, the government said it exceeded the expectation of an increase of 0.6%.
  • The Philly Fed Index fell 9.3 points to 12.9, a three-month low.
  • The Empire State Index rose 2.2 points to 23.3 in November.
  • A reading of the business inventories in September is scheduled for 10am.
  • Randal Quarles Deputy Chairman of the Supervisory Board Speech at 10:00
  • Fed President Neel Kashkari of Minneapolis will attend a meeting at 3:00 pm.
What do strategists say?

"A rebound attempt is emerging as the future points to a higher opening to Britain's key macro data and turmoil over the Brexit deal," said Peter Cardillo, chief economist at Spartan Capital, in a Thursday letter.

Which stocks were the focus?

Cisco Systems Inc. .

CSCO, -1.75%

Equities were in focus after the networking giants' earnings surpassed Wall Street estimates and executives predicted confidence in tariffs.

JPMorgan Chase & Co . The stock

JPM, -2.06%

was also active after a public filing had revealed that Warren Buffett's Berkshire Hathaway

BRK.A, -0.92%

BRK.B, -0.87%

took a new stake in the largest US bank. Shares of Oracle Corp.

ORCL, -1.35%

also rose in the previous month, rising 3.6% from news that Berkshire has increased its stake in the firm.

J.C. Penney Co. Inc. .

JCP, -4.69%

Equities declined over 13% on Thursday before trading after the department store retailer reported sales in the third quarter that failed to meet expectations.

Walmart Inc. .

WMT, -1.37%

reported Thursday that earnings in the third quarter were adjusted and sales were missed. The stock of the retailer rose by 0.7% before the bell.

Shares of NetApp Inc. .

NTAP, -1.09%

fall pre-trade Thursday by more than 7% after failed fiscal second quarter sales expectations were far lower Wednesday, as overseas investors oversaw the decision of Britain's Brexit Ministers Dominic Raab after the Brexit plan approved by Prime Minister Theresa May's Brexit advocates failed to meet their expectations. The FTSE 100

UKX, -0.23%

fell 0.2%, while the FTSE 250 fell 1.5%. The Stoxx Europe 600

SXXP, -0.97%

also falls 0.7% in the news.

The Asian markets were mixed with the Nikkei

NIK, -0.20%

closed lower on Thursday as Chinese stocks broadly rose.

crude oil

CLZ8, + 0.34%

has risen by 0.5% while the US dollar has risen

DXY, + 0.23%

increased by 0.4%. gold

GCZ8, + 0.43%

is also higher with a rise of 0.5% on Thursday.

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