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US STOCKS-Futures ease at start of holiday-shortened week
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US STOCKS-Futures ease at start of holiday-shortened week
Mar 25, 2024 3:20 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

*

Futures down: Dow 0.11%, S&P 0.11%, Nasdaq 0.18%

March 25 (Reuters) -

U.S. stock index futures edged lower at the start of a

holiday-shortened week on Monday, as investors look ahead to

speeches from Federal Reserve officials and a key inflation

marker later in the week.

Both the S&P 500 and the blue-chip Dow logged

their best weekly percentage gains so far this year on Friday,

with the Fed sticking to its guidance for three interest rate

cuts this year.

Traders now see a 75% chance of the Fed bringing in the

first cut in June, according to the CME FedWatch tool, up from

around 55% at the start of last week.

However, Atlanta Fed President Raphael Bostic said late on

Friday he now expects just a single quarter-point cut instead of

the two he had projected, citing persistent inflation and

stronger-than-anticipated economic data.

A slate of Fed officials, including Chicago Fed President

Austan Goolsbee, are set to speak later in the day.

The crucial February reading of the personal consumption

expenditures (PCE) price index, the Fed's preferred inflation

gauge, is due on Friday, when the U.S. markets will be shut for

the Good Friday holiday.

A hot reading for the PCE index can dent market optimism

around early rate-cuts.

Final estimates of fourth quarter GDP and a March consumer

confidence reading are also due later in the next few days,

which round off the last trading week of the March quarter.

At 5:15 a.m. ET, Dow e-minis were down 44 points,

or 0.11%, S&P 500 e-minis were down 5.75 points, or

0.11%, and Nasdaq 100 e-minis were down 32.75 points, or

0.18%.

Intel ( INTC ) and Advanced Micro Devices ( AMD ) fell over

2% each in premarket trading following a report that China has

introduced guidelines to phase out U.S. microprocessors from the

chipmakers from government personal computers and servers.

Cryptocurrency and blockchain-related stocks such as

exchange operator Coinbase Global ( COIN ), crypto miner Riot

Platforms ( RIOT ) and software firm MicroStrategy ( MSTR )

jumped between 2.7% and 5.1%, tracking a more than 5% advance in

bitcoin prices.

Most megacap growth stocks edged lower, with Tesla

lagging with an 0.8% decline.

AI-giant Nvidia ( NVDA ) rose 0.9%, after notching up

its eleventh consecutive weekly gain.

United Airlines fell 2.1% after the U.S. Federal

Aviation Administration said it is increasing its oversight of

the company.

Meanwhile, President Joe Biden on Saturday signed into law a

$1.2 trillion spending package, keeping the U.S. government

funded through a fiscal year that began six months ago.

(Reporting by Shashwat Chauhan in Bengaluru; Editing by

Saumyadeb Chakrabarty)

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