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Futures slip: Dow 0.01%, S&P 500 0.10%, Nasdaq 0.15%
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Trump to host Zelenskiy, EU leaders to push Russia peace
deal
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Crypto stocks fall as bitcoin prices drop
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Dayforce ( DAY ) surges on Thoma Bravo acquisition talks
(Updates to before markets open)
By Johann M Cherian and Sanchayaita Roy
Aug 18 (Reuters) - Wall Street's main indexes were set
for a muted open on Monday - in a quiet start to a week packed
with corporate earnings reports from major retailers and the
Federal Reserve's annual symposium in Jackson Hole.
Investors also remained wary ahead of a meeting between U.S.
President Donald Trump and Ukraine's Volodymyr Zelenskiy on
Kyiv's conflict with Moscow. Trump has told Ukraine to give up
hopes of getting back annexed Crimea or joining NATO, but will
push for a peace deal with Russia.
Wall Street's main indexes rallied over the past two weeks,
with the blue-chip Dow hitting an intra-day record high
on Friday, aided by interest rate cut expectations and a
better-than-expected earnings season despite an uncertain trade
environment.
Investors will closely monitor reports from Walmart ( WMT ),
Home Depot ( HD ) and Target ( TGT ) among others, which are
expected this week, to determine how trade uncertainty and
inflation expectations have affected U.S. consumer.
Data on Friday showed that while retail sales were
increasing broadly as anticipated, consumer sentiment overall
had taken a hit from mounting inflation fears.
"A lot of orders were pulled forward from a lot of retailers
and companies that are producing product. So from an earnings
standpoint, most likely they're going to be in line and if there
is a beat, it might be slight," said Michael Matousek, head
trader at U.S. Global Investors.
At 08:45 a.m. ET, Dow E-minis were down 6 points, or
0.01%, S&P 500 E-minis were down 6.75 points, or 0.10%
and Nasdaq 100 E-minis were down 36.75 points, or 0.15%.
Investors continue to price in a 25-basis-point cut from the
Federal Reserve next month, although they have lowered their
expectations for another rate cut this year, according to data
compiled by LSEG.
Recent data has also suggested that while U.S. tariffs have
not filtered into headline consumer prices yet, jobs market
weakness could nudge the central bank to take a more dovish
stance.
Markets hope that the Fed's Jackson Hole, Wyoming conference
between August 21 and 23, where Chair Jerome Powell is expected
to speak, could offer more clarity on the economic outlook and
the central bank's policy framework.
On the trade front, the Trump administration widened the
reach of its 50% tariffs on steel and aluminum imports by adding
hundreds of derivative products to the list of goods subject to
the levies.
Among early movers, UnitedHealth ( UNH ) rose 2.8% in
premarket trading, building on its nearly 12% jump in the
previous session.
Crypto stocks such as Strategy and Coinbase
declined 1% and 1.7%, respectively, tracking a 2% drop
in bitcoin prices.
Markets were also assessing multiple deals on the mergers
and acquisitions front.
Dayforce ( DAY ) surged 25.7% after a report said PE firm
Thoma Bravo is in talks to acquire the HR management software
firm, while Soho House ( SHCO ) jumped 16.3% as another report
said a group of investors led by New York-based MCR Hotels is
nearing a deal to take the members' club operator private.
(Reporting by Johann M Cherian and Sanchayaita Roy in
Bengaluru; Editing by Shinjini Ganguli)