U.S. Market Futures Are Pointing Lower with Uncertainty on FOMC Meeting
U.S. stock futures are lower in pre-market trading for Tuesday, June 14. The Dow Futures are down -40.00 points to 17599.0. The S&P 500 Futures are down -5.50 points at 2064.25. The Nasdaq Futures are lower at 4406.5 for a loss of -12.25 points. The Russell Futures are showing a loss of -3.50 points at 1140.8.
In overnight trading in the Eastern Hemisphere, China’s Shanghai Composite is higher at 2842.19 for a gain of 9.12 points or 0.32 percent. Japan’s Nikkei 225 is lower at 15859.00 for a loss of -160.18 points or -1.00 percent. Hong Kong’s Hang Seng Index was lower at 20387.53 for a loss of -125.46 points or -0.61 percent. In India, the S&P BSE Sensex Index was lower at 26395.71 for a loss of -1.06 points or -0.01 percent and the NSE Nifty was lower at 8,108.85 for a loss of -1.75 points or -0.02 percent. In Europe, the FTSE 100 was lower at 5967.71 for a loss of -77.26 points or -1.28 percent. Germany’s DAX is lower at 9586.02 for a loss of -71.42 points or -0.74 percent. France’s CAC 40 is lower at 4166.51 for a loss of -60.51 points or -1.43 percent. The Stoxx Europe 600 is lower at 322.78 for a loss of -4.02 points or -1.23 percent.
Tuesday’s Factors and Events
On Tuesday, the Federal Open Market Committee (FOMC) begins its June monetary policy meeting which will conclude on Wednesday afternoon with a press conference and new projections from the FOMC. Other leading economic activity on Tuesday includes retail sales. Additionally, reports will be released on business inventories, import and export prices and the NFIB Small Business Optimism Index. The Treasury will also hold its weekly 4-week bill auction.
Stocks trading actively in the pre-market include Qualcomm, Zimmer Biomet Holdings, Carnival Corp., Whole Foods Market and Amazon.
On Tuesday, Alibaba held its annual investor day in China which could have affects on ecommerce company trading on Tuesday in the U.S. as well as the trading of Yahoo, its parent company currently undergoing buyout options for the sale of its business.
Companies reporting earnings on Tuesday include Isle of Capri Casinos, Inc., John Wiley & Sons, Inc., Motorcar Parts of America, Inc., Yingli Green Energy Holding Company Limited, Bob Evans Farms, Inc., BioPharmX Corporation, Lakeland Industries, Inc. and Liberty Tax, Inc.
On Tuesday, the market will also be watching for affects from the U.K.’s economy with the country nearing a vote on June 23 to exit from the European Union.
On Monday, the leading stock indexes were lower. The Dow Jones Industrial Average was down -132.86 points or -0.74 percent to 17732.48. The S&P 500 was also down, closing at 2079.06 for a loss of -17.01 points or -0.81 percent. The Nasdaq Composite closed lower at 4848.44 for a loss of -46.11 points or -0.94 percent.
Source: DJIA, S&P 500 and Nasdaq Composite. Google Finance.
Other notable U.S. index closes included the small-cap Russell 2000, closing at 1150.70 for a loss of -13.23 points or -1.14 percent; the S&P 600 closing at 704.30 for a loss of -8.28 points or -1.16 percent; the S&P 400 Mid-Cap Index closing at 1482.32 for a loss of -16.75 points or -1.12 percent; the Russell 3000 closing at 1226.11 for a loss of -10.28 points or -0.83 percent; and the Dow Jones U.S. Select Dividend Index closing at 595.36 for a loss of -4.95 points or -0.82 percent.