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US STOCKS-Futures subdued in lead up to economic data, Powell speech
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US STOCKS-Futures subdued in lead up to economic data, Powell speech
Nov 15, 2024 12:46 PM

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

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

*

Walt Disney ( DIS ) up after beating Q4 earnings forecast

*

Tapestry gains after terminating Capri deal

*

JD.com's US-listed shares fall after Q3 revenue miss

*

Futures up: Dow 0.19%, S&P 500 0.09%, Nasdaq 0.04%

(Updated at 07:10 a.m. ET/1210 GMT)

By Lisa Pauline Mattackal and Purvi Agarwal

Nov 14 (Reuters) - U.S. stock index futures were little

changed on Thursday as investors awaited a fresh batch of

economic data and Federal Reserve Chair Jerome Powell's comments

later in the day for clues on the outlook for the economy and

monetary policy.

The producer price index (PPI) reading for October and

weekly jobless claims data are expected at 8:30 a.m. ET.

"These numbers (PPI) better reflect corporate pricing power

than the consumer price data, the tone should be consistent with

a December rate cut," said Paul Donovan, chief economist at UBS

Global Wealth Management.

Traders are broadly pricing in an 86% chance of a 25-basis

point interest rate cut at the Fed's December meeting, according

to the CME FedWatch tool.

Bets on a December cut increased after Wednesday's consumer

price index data, which was in line with forecasts.

Powell will provide an update on his economic outlook to

business leaders in Dallas, a day after some Fed policymakers

shifted their attention back to inflation risks as they weighed

when, and how fast and far, to cut interest rates.

Policies under President-elect Donald Trump's administration

are widely expected to add to inflationary pressures.

The Republican Party will control both houses of Congress

when Trump takes office in January, Edison Research projected on

Wednesday, enabling him to push an agenda of slashing taxes and

shrinking the federal government.

Changing inflation expectations are clearly visible in the

bond market, where the U.S. 10-year Treasury yield

has ticked up to its highest since July, which could limit gains

for rate-sensitive equities.

Dow E-minis were up 85 points, or 0.19%, S&P 500

E-minis were up 5.25 points, or 0.09%, and Nasdaq 100

E-minis were up 9.25 points, or 0.04%.

Futures tracking the small-cap Russell 2000 jumped

0.6% after the index closed down nearly 1% on Wednesday.

Shares of cryptocurrency-focused companies rose on Thursday

as bitcoin continued to climb on hopes of favorable

policies under Trump. Coinbase Global ( COIN ) gained 3.8%,

miner MARA Holdings ( MARA ) rose 2.6% and bitcoin buyer

MicroStrategy ( MSTR ) was up 3.4% in premarket trading.

The Dow and the S&P 500 edged higher on

Wednesday, while the Nasdaq lost ground.

Walt Disney ( DIS ) climbed 6.5% after reporting quarterly

earnings that topped Wall Street's estimates.

U.S.-listed shares of JD.com were down 2.1% after the

Chinese e-commerce group missed market estimates for quarterly

revenue.

Cisco ( CSCO ) dipped 3.3% after the computer networking

equipment maker forecast annual revenue broadly in line with

estimates after the bell on Wednesday.

Tapestry gained 7.2% after the Coach parent said it

was terminating its $8.5 billion deal for Michael Kors-owner

Capri Holdings after the deal was blocked by a U.S.

judge. Capri's shares fell 6%.

Remarks from Fed officials Thomas Barkin and John Williams

are expected later in the day.

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