Futures stall in lead-up to payrolls revisions, Fed minutes
Corrects day to Tuesday in paragraph nine
Futures: Dow up 0.13%, S&P 500 up 0.04%, Nasdaq down 0.04%
Aug 21 (Reuters) -U.S. stock index futures were largely flat on Wednesday, as investors remained on the sidelines ahead of the preliminary revisions to U.S. payrolls data and the release of minutes from the Federal Reserve's last policy meeting.
The report from the Bureau of Labor Statistics is due at 10:00 a.m. ET. Most economists expect a downwards revision, with Goldman Sachs expecting that 600,000 to 1 million fewer jobs were created from April 2023 to March 2024.
"A stronger number would also not change much to the Federal Reserve's easing trajectory as the latest job data is already hinting at a cooling labour market," strategists at ING wrote in a morning note.
Minutes from the Fed's July policy meeting are also due later in the day, ahead of Chair Jerome Powell's speech at the economic symposium at Jackson Hole on Friday.
"We expect the Fed chairman to continue to signal that a first rate cut is on the cards for September. Yet there is a chance that investors could be disappointed by the comments, if there are any references to the stickiness of inflation," said Guy Stear, head of developed markets strategy at the Amundi Investment Institute.
Financial markets are currently pricing in a 69.5% likelihood of a 25 basis-points interest rate cut by the Fed in September, with a 30.5% chance of a super-sized 50 bps cut, according to CME's FedWatch tool.
Fed Governor Michelle Bowman on Tuesday said she remains cautious about any shift in central bank policy as she sees continued upside risks for inflation, warning that overreacting to any single data point could put progress made against inflation at risk.
At 05:10 a.m. ET, Dow E-minis 1YMcv1 were up 53 points, or 0.13% and S&P 500 E-minis EScv1 were up 2.25 points, or 0.04%, while Nasdaq 100 E-minis NQcv1 were down 7.75 points, or 0.04%.
Wall Street's main indexes closed marginally lower on Tuesday, breaking their recent winning streak.
Risk appetite had returned to global equities last week following sharp declines earlier this month, boosted by the likelihood of rate cuts from the U.S. central bank in September, with all three major U.S. benchmarks now at levels seen before the sell-off.
Among individual stocks, second quarter earnings from retail major Target TGT.N are due before the opening bell.
U.S.-listed shares of Chinese e-commerce firm JD.com 9618.HK, JD.O dropped 7.7% in premarket trading after Reuters reported that Walmart WMT.N, the company's biggest shareholder, has sold its entire stake in the firm.
Keysight Technologies KEYS.N gained 11.1% after the electronic equipment maker beat third-quarter revenue and profit estimates.
Overall, U.S. stock trading volumes have been light this month as many investors are away for summer break.
Reporting by Shashwat Chauhan in Bengaluru; Editing by Varun H K
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Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
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