Analyst: 'Wait-and-see trading' for equities ahead of key events later this week
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U.S. stock-index futures pointed to a modestly lower open on Tuesday, as analysts said that traders were holding off on making big bets ahead of key events later this week.
S&P 500 futures inched down by 2.35 points, or 0.1%, to 2,422.25, while Dow Jones Industrial Average futures edged lower by 18 points, or 0.1%, to 21,341.00. Nasdaq-100 futures gave up 8.75 points, or 0.2%, to 5,685.25.
"Forex and equities markets seem to have entered into another bout of wait-and-see trading as the moves of recent days begin to settle down," said Richard Perry, a Hantec Markets analyst, in a note.
"This comes ahead of some key market-moving events towards the end of the week," Perry added, referring to Federal Reserve chief Janet Yellen's appearances before U.S. lawmakers on Wednesday and Thursday, as well as Friday's releases covering inflation and retail sales.
See also:Is Janet Yellen still calling the tune in financial markets? (http://www.marketwatch.com/story/is-janet-yellen-still-calling-the-tune-in-financial-markets-2017-07-10)
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Trading may also be light ahead of the start to the next earnings season. Key companies, including such major banks as J.P. Morgan Chase & Co. (JPM) and Citigroup Inc. (C), are scheduled to report on Friday. By and large, financials are expected to post mediocre trading revenue this quarter (http://www.marketwatch.com/story/bank-earnings-expect-another-meh-quarter-of-weak-trading-revenue-2017-07-10).
On Monday, the S&P 500 and Nasdaq Composite gained 0.1% and 0.4%, respectively, while the Dow finished lower by less than 0.1% (http://www.marketwatch.com/story/us-stock-futures-mostly-inch-higher-with-tech-stocks-on-track-for-another-rally-2017-07-10).
Individual movers: Shares in PepsiCo Inc.(PEP) traded higher by 0.6% in premarket action after the producer of snacks and soft drinks posted better-than-expected earnings (http://www.marketwatch.com/story/pepsico-profit-and-revenue-beat-estimates-2017-07-11) before the open.
Amazon.com Inc.'s stock (AMZN) edged up 0.1% premarket, with the e-commerce king's Prime Day promotion in full swing on Tuesday.
Amicus Therapeutics Inc. (FOLD) surged 32% in heavy premarket trading after the Food and Drug Administration cleared the company to submit a new drug application (http://www.marketwatch.com/story/amicus-therapeuticss-soars-on-heavy-volume-after-fda-clears-nda-submission-for-fabry-disease-treatment-2017-07-11) for its Fabry disease treatment.
Halcon Resources Corp.(HK) soared 49% before the bell after it agreed to sell its Williston Basin assets (http://www.marketwatch.com/story/halcon-resources-to-sell-williston-basin-assets-for-14-billion-in-cash-2017-07-11)to a unit of Bruin E&P Partners for $1.4 billion in cash.
See:6 money-saving tips for Amazon Prime Day--even if you're not a member (http://www.marketwatch.com/story/6-money-saving-tips-for-amazon-prime-day-even-if-youre-not-a-member-2017-07-10)
And read:Amazon is taking away brands' power, throwing another industry into turmoil (http://www.marketwatch.com/story/amazon-is-taking-away-the-power-of-brand-names-throwing-another-industry-into-turmoil-2017-07-10)
Other markets: Most Asian markets closed with gains (http://www.marketwatch.com/story/asian-markets-rise-driven-by-tech-stock-gains-2017-07-11) on Tuesday, while European stocks (http://www.marketwatch.com/story/european-stocks-stuck-in-tight-ranges-as-traders-wait-for-yellen-2017-07-11) were largely lower. Oil futures (http://www.marketwatch.com/story/oil-prices-build-on-rebound-amid-production-cap-talk-for-libya-nigeria-2017-07-11) moved down after Monday's rally (http://www.marketwatch.com/story/oil-prices-rebound-as-some-see-last-weeks-selloff-as-overdone-2017-07-10). Gold futures also slipped, and a key dollar index inched higher.
Economic news: A June reading on small-business sentiment arrived before the opening bell, showing a decline (http://www.marketwatch.com/story/small-business-sentiment-falls-as-economic-expectations-slide-sharply-2017-07-11). It's the fifth month in a row without an increase.
At 10 a.m. Eastern, May figures for job openings and wholesale inventories are expected to arrive.
Check out:MarketWatch's Economic Calendar (http://www.marketwatch.com/economy-politics/calendars/economic)
On the Fed front for Tuesday, Fed Gov. Lael Brainard is due to give speech on monetary policy at 12:30 p.m. Eastern at a New York Fed conference. At 1:20 p.m. Eastern, Minneapolis Fed President Neel Kashkari is scheduled to take part in a Q&A at the Minnesota Women's Economic Roundtable.
(END) Dow Jones Newswires
July 11, 2017 08:47 ET (12:47 GMT)