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Futures: Dow up 0.08%, S&P 500 down 0.07%, Nasdaq down
0.09%
Nov 13 (Reuters) - Wall Street futures were subdued on
Thursday as investors awaited indications on the U.S. economy
and the monetary policy path after President Donald Trump signed
a bill ending the longest government shutdown in the country's
history.
At 5:25 a.m. ET, Dow E-minis were up 37 points, or
0.08%, S&P 500 E-minis were down 4 points, or 0.06% and
Nasdaq 100 E-minis were down 20.75 points, or 0.08%.
Markets will closely monitor the flow of economic data from
key statistical agencies, with the absence of data leaving both
the Federal Reserve and traders guessing on the health of the
labor market and the inflation trajectory.
Still, some data gaps are likely to be permanent, with the
White Housing saying employment and Consumer Price Indexes
reports for October might never be released.
"Six-plus weeks of delayed data will start to be released,
likely beginning early next week. It will take time to catch up,
and there could still be less than full data availability for
the next Fed meeting," Tom Nelson, head of market strategy at
Franklin Templeton Investment Solutions, said in a note.
"This could prove problematic, with Fed members both calling
for larger cuts and others preferring a pause to assess with a
full slate of data."
Data from private firms in recent weeks have raised concerns
about a weakening U.S. job market.
U.S. employers shed more than 11,000 jobs a week through
late October, according to payroll processor ADP. Separate data
from Indeed Hiring Lab showed retail-related job postings
dropped 16% in October compared to last year.
Traders are currently pricing in a 55% chance of a
25-basis-point rate cut in December, lower than last week's 70%,
according to CME Group's FedWatch tool.
A bright spot, Cisco Systems' ( CSCO ) shares rose 6.5% in
premarket trading after the company raised full-year profit and
revenue forecasts betting on demand for its networking equipment
amid a data center expansion fueled by artificial intelligence.
Technology and AI names have come under pressure lately,
with the Nasdaq falling in the past two sessions, as
investors rotated out of pricey tech stocks into traditionally
defensive areas such as healthcare and consumer staples.
The Dow has benefited from the rotation, notching
back-to-back record highs after lagging gains of the S&P and the
Nasdaq this year.
Nvidia ( NVDA ) was down 0.6% in premarket trading, while
Intel ( INTC ) and Advanced Micro Devices ( AMD ) fell 0.3% and
0.7%, respectively.
AI bellwether Nvidia's ( NVDA ) earnings next week could further test
the optimism around the technology which has driven markets to
record highs this year, but come under more scrutiny in recent
weeks.
With the third-quarter earnings season almost under wraps,
notable earnings for the day include Walt Disney ( DIS ).
JD.com shares rose 3% as the e-commerce giant topped
market estimates for quarterly revenue.
Among other moves, shares of some memory chipmakers fell
after results from Japan's Kioxia Holdings.
Micron Technology ( MU ) fell 1.5%. Western Digital ( WDC )
and Sandisk ( SNDK ) dropped over 3% each.
(Reporting by Twesha Dikshit in Bengaluru)