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US futures adrift after Dow hits new high
DJIA futures down 16 points (Il Sole 24 Ore Radiocor) - New York, 27 Aug - US futures were in limbo as investors shifted into cautious mode following Dow highs ahead of earnings from tech giant Nvidia.
Wall Street ended mixed yesterday with the Dow Jones industrial index rising 0.2% to reach a new record high while the S&P 500 fell 0.3% and the Nasdaq 0.9% as tech stocks lost ground.
Nvidia earnings, on tap tomorrow, are seen as a potential market mover given the chip designer's role to date in driving stocks higher on the back of AI frenzy.
Investors are also counting down to a series of key data readings later in the week including GDP, jobless claims and, critically, the inflation gauge favored by the Federal Reserve.
On Friday Fed chief Jerome Powell signalled in no uncertain terms the time was right for an interest rate cut, but did not say when or by how much. Friday's PCE price index could boost or sink growing hopes of a 50 basis point cut in September rather than just a quarter point.
Today's data includes home prices, consumer confidence and the Richmond Fed manufacturing index while on the earnings front Nordstrom is due to update investors after the market close.
In premarket trade shares in Paramount fell after Edgar Bronfman scrapped his bid for the media group while JD.com rose more than 4% after the Chinese e-commerce group announced a share buyback program of up to 5 billion dollars.
Futures on the Dow Jones were down 16.00 points, or 0.04%, S&P 500 futures were up 1.75 points, or 0.03%, while futures on the Nasdaq were 15.25 points, or 0.08%, higher.
AAA-Sje
(RADIOCOR) 27-08-24 14:02:21 (0326) 5 NNNN