U.S. stock index futures were slightly lower Wednesday morning, as market participants eagerly anticipated comments from the world's most powerful central banker.
At around 05:30 a.m. ET, Dow futures slipped 40 points, indicating a negative open of more than 41 points. Futures on the S&P and Nasdaq were both seen slightly lower.
Market focus is largely attuned to the testimony of Federal Reserve Chairman Jerome Powell, with investors anxious to learn whether he will confirm or confound expectations for U.S. policy easing this month.
Over the next two days, Powell is expected to talk about slowing economic activity and increased risks — showing that the Fed is ready to cut interest rates as needed.
However, Powell is also likely to keep the markets — and the White House — guessing about how soon and how deep the Fed intends to trim rates, when it meets at the end of July. The prevailing view, priced into the futures market, is for a 100% chance of a quarter point rate cut July 31.
Overnight, Atlanta Fed President Raphael Bostic said the U.S. central bank was debating the risks and benefits of letting the world's largest economy run "a little hotter."
On the data front, wholesale trade figures for May will be released at around 10:00 a.m. ET.
In corporate news, AngioDynamics and MSC Industrial Direct are both set to report their latest quarterly earnings before the opening bell.
AAR, Bed Bath & Beyond and PriceSmart are scheduled to release their corporate results after market close.
— CNBC's Patti Domm contributed to this report.
https://www.cnbc.com/2019/07/10/stock-market-fed-chair-powells-testimony-in-focus-on-wall-street.html
2019-07-10 07:01:04Z
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