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markets, click or type LIVE/ in a news window.)
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Futures down: Dow 0.12%, S&P 500 0.21%, Nasdaq 0.25%
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Cisco Systems ( CSCO ) gains after annual revenue forecast hike
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JD.com rises as quarterly revenue beats estimates
(Updates with quote, prices)
By Twesha Dikshit and Purvi Agarwal
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.
Markets will closely monitor the flow of official data, as
its prolonged absence left both the Federal Reserve and traders
guessing on the economic health and reliant on alternative
sources.
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.
Philip Marey, senior U.S. strategist at Rabobank, said the
commencing of the shutdown in October, and inadequate time in
November could compromise data collection quality, potentially
making both reports unreliable.
"The FOMC will have to rely on other data more than they
are used to and on their prior beliefs. If the latter are
reflected in the bimodal September dot plot, we could be looking
at a big fight between hawks and doves in December."
At 07:06 a.m. ET, Dow E-minis were down 60
points, or 0.12%, S&P 500 E-minis were down 14.25
points, or 0.21% and Nasdaq 100 E-minis were down 64.5
points, or 0.25%.
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 an about 54% chance of a
25-basis-point rate cut in December, lower than last week's 70%,
according to CME Group's FedWatch tool.
Several Fed speakers, including voting regional presidents,
have expressed scepticism over another interest rate cut in
December, prompting investors to scale back bets.
A bright spot, Cisco Systems' ( CSCO ) shares rose 7.1% 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 the S&P and the Nasdaq
this year.
Nvidia ( NVDA ) was down 0.8% before the bell, while
Alphabet and Microsoft ( MSFT ) were off 0.6% and 0.3%
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.
Walt Disney ( DIS ) was down 3.4%. The media giant said it
would boost its dividend by 50% and double its share buyback
plan for fiscal 2026.
JD.com shares gained 1.1% as the e-commerce giant
topped market estimates for quarterly revenue.
Among other moves, shares of memory chipmaker Micron
Technology fell 0.7% after results from Japan's Kioxia
Holdings.
Memory device makers Western Digital ( WDC ) and Sandisk ( SNDK )
dropped 3.5% each.