MARKET SNAPSHOT: Stock Futures Point To Attempted Rebound

By Carla Mozee, MarketWatch Features Dow Jones Newswires

Oil futures edge lower

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U.S. stock-index futures were edging higher shortly before the opening bell on Wednesday, though cautious trading suggested investors remain jittery in the wake of recent pressure on technology shares.

Nasdaq-100 futures were up 14 points, or 0.2%, to 5,691, attempting a rebound after two sessions of selling.

The Dow Jones Industrial Average futures , were up 37 points, or 0.2%, to 21,326 and S&P 500 futures moved up 6 points, or 0.3%, to 2,426.

The three major indexes all fell Tuesday (http://www.marketwatch.com/story/wall-street-stocks-on-track-to-slip-hurt-again-by-a-drop-for-techs-2017-06-27), after a delay to a vote on health care legislation prompted worries about the prospects for President Donald Trump's pro-growth agenda. The S&P 500 gave up 19.69 points, or 0.8%, to close at 2,419.38, and the Dow industrials slipped 2.53 points to close at 21,394.76 after a choppy session.

"U.S. technology stocks have been very weak lately, both in absolute and relative terms...massive outperformance year-to-date is the segment's biggest weakness," said Peter Garnry, Saxo Bank's head of equities strategy, in a note Wednesday. "Valuations are historically high in U.S. tech stocks, and sentiment has weakened fast over the past 24 hours."

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The oil market will be in focus with the Energy Information Administration's report on weekly crude supplies due at 10:30 a.m. Eastern Time. The American Petroleum Institute on Tuesday reported an unexpected weekly rise of 851,000 barrels in U.S. crude supplies (http://www.marketwatch.com/story/oil-prices-fall-as-sources-say-api-data-show-an-unexpected-rise-in-us-crude-supply-2017-06-27).

U.S. oil futures were slightly lower but holding above $44 a barrel. The yield on the benchmark 10-year Treasury steadied after hitting on Tuesday its highest level since just after the Fed's mid-June meeting.

The stock market also continued to digest Tuesday comments from Fed Chairwoman Janet Yellen who said asset valuations are somewhat rich by standard metrics (http://blogs.marketwatch.com/capitolreport/2017/06/27/live-blog-of-janet-yellen-address-in-london/). She also said another financial crisis rivaling the one that hobbled the global economy in 2008-09 won't happen again in our lifetime.

Economic docket: An early look at U.S. trade patterns in May points to a small decline in the nation's trade deficit.

At 10 a.m. Eastern, the National Association of Realtors is expected to say pending home sales improved in May, by rising 0.5%. That would break two months of declines.

See: MarketWatch's economic calendar (http://www.marketwatch.com/economy-politics/calendars/economic).

Stocks in focus:General Mills Inc. shares (GIS) rose more than 1% in premarket trade after the food company posted fiscal fourth-quarter earnings and sales topped Wall Street's estimates. (http://www.marketwatch.com/story/general-mills-tops-earnings-and-sales-estimates-2017-06-28)

First Potomac Realty Trust(FPO) fell 2.2% ahead of the bell after Government Properties Income Trust (GOV) reached a deal valued at $1.4 billion to buy the real-estate investment trust. (http://www.marketwatch.com/story/first-potomac-realty-trust-to-be-bought-in-a-14-billion-deal-by-government-properties-2017-06-28)

Monsanto Co.(MON) shares rose 0.9% in premarket trade Wednesday, after the agricultural products company reported fiscal third-quarter profit and sales that beat expectations.

Meanwhile, Blue Apron Holdings Inc.'s IPO pricing will be set later Wednesday (http://www.marketwatch.com/story/blue-apron-needs-its-customers-to-eat-more-food-2017-06-27). The meal-kit maker has lowered its price range to $10 to $11 from a prior $15 to $17 range.

Other markets: The ICE Dollar Index , which measures the dollar against a basket of six currencies, was unchanged at 96.394. Gold futures were up 0.4%.

Stock markets in Asia finished mostly higher and European stocks struggled at two-month lows as the euro popped up on Draghi's hawkish comments (http://www.marketwatch.com/story/ecbs-draghi-hints-at-winding-down-of-eurozone-qe-2017-06-27).

Draghi, along with Bank of England Gov. Mark Carney and Bank of Japan Gov. Haruhiko Kuroda, will appear Wednesday in Sintra, Portugal, at the ECB Forum on Central Banking.

(END) Dow Jones Newswires

June 28, 2017 09:12 ET (13:12 GMT)