Stock futures fall ahead of Fed minutes – .

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Stock futures fall ahead of Fed minutes – .


US equity futures are trading lower after a day in which the Dow Jones and S&P recorded 5-session winning streaks.

The main forward indices suggest a 0.2% drop in the Dow.

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Wall Street fell on weak retail sales as investors waited for an update from the Federal Reserve on possible plans to scale back the US stimulus.

Investors will wait for the Fed to release its July policy meeting minutes on Wednesday to see when the central bank could start cutting bond purchases that pump money into the financial system and consider raising rates. of interest.

FED CHAIR POWELL: DELTA VARIANT A WILDCARARD FOR THE ECONOMY

Some Fed officials, citing strong hiring growth and rising inflation, say policy normalization should begin soon. Others argue that the Fed needs stronger economic data to ensure a recovery takes hold.

Ahead of the opening bell, the Commerce Department is expected to say that the number of new homes built in July fell at a seasonally adjusted annual rate of 1.6 million, from 1.643 million in June. Looking ahead, the March reading of 1.725 million was the highest since July 2006. Permits for future construction are expected to rise.

The retail profit streak continues on Wednesday with quarterly results from Target, Lowe’s and TJX Companies.

After the bell, results are expected from the Dow member and computer networking giant Cisco Systems as well as Robinhood Markets.

In Europe, the London FTSE fell 0.4%, the German DAX by 0.2% and the French CAC by 0.3%.

In Asia, Japan said July exports were flat. The Nikkei 225 in Tokyo rose 0.6%, the Hong Kong Hang Seng rose 0.5% and the Shanghai China Composite Index gained 1.1%.

Teleprinter Security Last Change Change %
Me: DJI MEDIUM DOW JONES 35343.28 -282.12 -0,79 %
SP500 S&P 500 4448.08 -31.63 -0,71 %
I:COMP NASDAQ COMPOSITE INDEX 14656.181261 -137.58 -0,93 %

On Wall Street, the S&P 500 lost 0.7% to 4,448.08 for its biggest drop in four weeks amid signs the coronavirus is dragging the US economy.

The Dow Jones Industrial Average lost 0.8% to 35,343.28. The Nasdaq composite fell 0.9% to 14,656.18.

Sales kicked off after the Commerce Department said U.S. retail sales fell at a seasonally adjusted rate of 1.1% in July, more than forecasters had expected. This followed a survey of poor customer sentiment on Friday.

Teleprinter Security Last Change Change %
WMT WALMART, INC. 150,70 -0.05 -0,03%
HD HOME DEPT, INC. 320,75 -14.30 -4,27%

In equities, the Dow component Walmart reported earnings and earnings above Wall Street estimates as back-to-school shopping gave a boost. The big box retailer was forecasting profit for the current year and quarter ahead of what analysts expected.

Another Dow member, Home Depot Inc., beat both bottom line and bottom line, but same-store sales increased by the smallest amount in two years as the DIY trend waned as part of a reopening of the economy.

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In energy markets, benchmark US crude gained 26 cents to $ 66.85 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 70 cents on Tuesday to $ 66.59. Brent crude, the basis of international oil prices, rose 37 cents to $ 69.40 a barrel in London. It fell 48 cents the previous session to $ 69.03 a barrel.

The Associated Press contributed to this report.

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