Futures Flat Ahead of Yellen Remarks
August 04,2021 08:33 am EST
U.S. stock futures were little changed on Wednesday a day after the S&P 500 rose to another fresh record close.
Futures for the Dow Jones Industrials dropped 64 points, or 0.2%, to 34,936.
Futures for the S&P 500 let go of six points, or 0.1%, to 4,409.
Futures for the NASDAQ Composite Index fell 2.25 points to 15,044
Shares of General Motors fell in pre-market trading, weighing on the broader market, after the automaker missed earnings expectations for the second quarter. The automaker did raise its guidance for a key profit metric for the rest of the year.
A strong earnings season continued after the bell Tuesday with Lyft and Caesars Entertainment reporting stronger-than-expected results for the second quarter and citing a rebound to pre-pandemic levels of activity. Travel stocks MGM Resorts, Wynn Resorts and Booking Holdings will report after the bell on Wednesday.
Investors will also be keeping an eye on employment data being released by ADP Wednesday that comes before the U.S. Labor Department''s official jobs report on Friday. The readings are expected to show a continued recovery in the labour market but come as the delta variant of COVID-19 has spread across the United States, leading to new restrictions and mass mandates from some local governments and companies.
Treasury Secretary Janet Yellen will say on Wednesday that enacting the trillion-dollar bipartisan infrastructure bill is key to keeping America''s status as the "world''s pre-eminent economic power." Her comments come as investors await the final details of the bill, which the Senate is currently haggling over.
Overseas, in Japan, the Nikkei 225 index dipped 0.2%, while in Hong Kong, the Hang Seng index galloped 0.9%,
Oil prices slid $1.19 to $69.37 U.S. a barrel.
Gold prices gathered $8.10 to $1,822.20 U.S. a pound.
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