MARKET SNAPSHOT: U.S. Stocks Poised To Edge Lower After Trump Fires FBI's Comey

By Victor Reklaitis, MarketWatch Features Dow Jones Newswires

Wendy's, SodaStream earnings also in focus

Continue Reading Below

U.S. stock futures on Wednesday pointed to a dip at the open, with some analysts blaming the decline in part on President Donald Trump's surprise firing of FBI Director James Comey.

S&P 500 futures fell by 4.80 points, or 0.2%, to 2,388.50, while Dow Jones Industrial Average futures dropped by 50 points, or 0.2%, to 20,857. Nasdaq-100 futures gave up 7 points, or 0.1%, to 5,669.25.

The initial reaction to Trump's move late Tuesday has been to "put a bid on safe haven plays," with gold and the Japanese yen strengthening, said Richard Perry, a Hantec Markets analysts, in a note. "Equities have retreated slightly."

The moves show "how markets are still wary of an unpredictable president," though they are all likely to end up being knee-jerk reactions rather than sustainable changes in direction, Perry added.

Trump dismissed the director of the Federal Bureau of Investigation (http://www.marketwatch.com/story/trump-fires-fbi-director-comey-democrats-call-for-special-prosecutor-in-russia-probe-2017-05-09) over his handling of the investigation into Hillary Clinton's emails. The reaction on Capitol Hill to Comey's firing has ranged from approval to outrage.

Continue Reading Below

Read:Complete text of White House statement on firing of FBI's Comey (http://www.marketwatch.com/story/complete-text-of-white-house-statement-on-firing-of-fbi-director-james-comey-2017-05-09)

And see:At first, Comey reportedly thought his firing was a prank (http://www.marketwatch.com/story/at-first-comey-reportedly-thought-his-firing-was-a-prank-2017-05-09)

Gold futures were 0.7% higher, while the dollar was down against the yen, changing hands at Yen113.77 compared with Yen113.87 late Tuesday. The buck had been as low as Yen113.63 earlier.

On Tuesday, the S&P lost 0.1% and the Dow shed 0.2%, while the Nasdaq Composite rose 0.3% for another record close (http://www.marketwatch.com/story/us-stock-futures-struggle-to-gain-momentum-as-fears-subside-2017-05-09). The S&P finished 0.1% below Monday's record close, and the Dow stands 0.7% below its March 1 peak.

Other markets:Oil futures (http://www.marketwatch.com/story/oil-prices-get-respite-from-selling-after-encouraging-us-supply-data-2017-05-10) rose, getting some respite from the sellers after an industry group reported a drop in U.S. crude supplies. A key dollar index (http://www.marketwatch.com/story/dollar-drops-against-the-euro-sterling-after-trump-fires-fbi-director-comey-2017-05-10) dipped with some analysts attributing the decline in part to Trump showing Comey the door.

European stocks were lower, while Asian markets largely gained (http://www.marketwatch.com/story/asian-markets-return-to-gains-after-korean-election-2017-05-09).

Economic news: Boston Federal Reserve President Eric Rosengren is slated to speak at noon Eastern Time to the Lake Champlain Chamber of Commerce in Vermont.

An April reading on U.S. import prices is due at 8:30 a.m. Eastern, and a release on the federal budget is on tap for 2 p.m.

Check out:

Stock movers: Online travel broker Priceline Group Inc.(PCLN) is on pace for a down day after the stock fell in after-hours action (http://www.marketwatch.com/story/priceline-shares-slide-on-weak-earnings-outlook-2017-05-09) Tuesday in the wake of a weak second-quarter outlook.

Fossil Group(FOSL) and Yelp Inc.(YELP) shares may also be active after falling in after-hours trade on disappointing earnings reports.

Read the First Take: Yelp plummets as advertisers revolt (http://www.marketwatch.com/story/yelp-plummets-as-advertisers-revolt-2017-05-09)

Electronic Arts Inc.(EA) is on track for an up day after shares in the maker of video games rose late Tuesday following better-than-expected earnings (http://www.marketwatch.com/story/electronic-arts-shares-surge-as-earnings-outlook-tops-street-view-2017-05-09).

Entertainment titan Walt Disney Co.(DIS) is also likely to see active trading after posting earnings that topped forecasts, but revenue that missed views (http://www.marketwatch.com/story/disney-shares-down-2-as-quarterly-revenue-narrowly-misses-expectations-2017-05-09).

Fast-food giant Wendy's Co.(WEN) and carbonation-machine maker SodaStream International Ltd.(SODA) are among the companies on the earnings docket before the open.

(END) Dow Jones Newswires

May 10, 2017 04:59 ET (08:59 GMT)