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markets, click or type LIVE/ in a news window.)
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Futures down: Dow 0.2%, S&P 500 0.3%, Nasdaq 0.4%
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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 prices, analyst quote before market open)
By Twesha Dikshit and Purvi Agarwal
Nov 13 (Reuters) - Wall Street was set to open in the
red 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, with
its prolonged absence leaving both the Federal Reserve and
traders guessing on the economy's 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.
"While we always expected that many data points missed
during the shutdown will remain dark, there are questions about
what the inflation and jobs data will look like once these
reports come back online," said Carol Schleif, chief market
strategist at BMO Private Wealth.
"We would not be surprised to see some market chop over
the coming weeks as the government gears and economic data
presses get turning again."
At 08:32 a.m. ET, Dow E-minis were down 87
points, or 0.18%, S&P 500 E-minis were down 17 points,
or 0.25% and Nasdaq 100 E-minis were down 71.5 points,
or 0.27%.
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.
Comments from more Fed officials will be parsed through
the day.
A bright spot, Cisco Systems' ( CSCO ) shares rose 6.3% in
premarket trading after the company raised full-year profit and
revenue forecasts betting on demand for its networking
equipment.
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 1.1% before the bell, while
Alphabet was off 0.9%.
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 almost 6%. The media giant said
it would boost its dividend by 50% and double its share buyback
plan for fiscal 2026.
JD.com shares gained 1.5% as the e-commerce giant
topped market estimates for quarterly revenue.
Among other moves, memory device makers Western Digital ( WDC )
and Sandisk ( SNDK ) dropped over 2.5% each after
results from Japan's Kioxia Holdings.
Sealed Air ( SEE ) shares jumped 21.8% after reports that
the company was set to go private in an acquisition deal with
equity firm Clayton Dubilier & Rice.