{"id":128851,"date":"2022-08-16T11:37:05","date_gmt":"2022-08-16T11:37:05","guid":{"rendered":"https:\/\/fin2me.com\/?p=128851"},"modified":"2022-08-16T11:37:05","modified_gmt":"2022-08-16T11:37:05","slug":"futures-pointing-to-modestly-lower-open-on-wall-street-2","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/futures-pointing-to-modestly-lower-open-on-wall-street-2\/","title":{"rendered":"Futures Pointing To Modestly Lower Open On Wall Street"},"content":{"rendered":"

After ending the previous session little changed, stocks may move to the downside in early trading on Tuesday. The major index futures are currently pointing to a modestly lower open for the markets<\/span>, with the S&P 500 futures down by 0.2 percent.<\/p>\n

Weakness among semiconductor stocks may continue to weigh on Wall Street following a warning from memory chip maker Micron Technology (MU).<\/p>\n

Shares of Micron are slumping by 4.3 percent in pre-market trading after the company warned revenue for the current quarter may come in at or below the low end of its previous guidance, citing “macroeconomic factors and supply chain constraints.”<\/p>\n

The news from Micron comes after a warning from graphics chip maker Nvidia (NVDA) contributed to a pullback by the markets on Monday.<\/p>\n

Trading activity may remain somewhat subdued, however, as traders look ahead to the release of a highly anticipated reading on U.S. consumer price inflation on Wednesday.<\/p>\n

The report is expected to show consumer prices edged up by 0.2 percent in July after jumping by 1.3 percent in June. The annual rate of growth is expected to slow to 8.7 percent from a four-decade high of 9.1 percent.<\/p>\n

Core consumer prices, which exclude food and energy prices, are expected to rise by 0.5 percent in July after climbing by 0.7 percent in June. Annual core consumer price growth is expected to accelerate to 6.1 percent from 5.9 percent.<\/p>\n

Traders are likely to keep a close eye on the inflation data, as they look for additional clues about the outlook for further interest rate hikes by the Federal Reserve.<\/p>\n

In U.S. economic news, the Labor Department released a report showing U.S. labor productivity continued to slump in the second quarter, while labor costs continued to soar.<\/p>\n

The Labor Department said labor productivity tumbled by 4.6 percent in the second quarter after plummeting by a revised 7.4 percent in the first quarter.<\/p>\n

Economists had expected productivity to plunge by 4.7 percent compared to the 7.3 percent nosedive that had been reported for the previous quarter.<\/p>\n

Meanwhile, the report showed unit labor costs skyrocketed by 10.8 percent in the second quarter after surging by a revised 12.7 percent in the first quarter.<\/p>\n

Unit labor costs were expected to jump by 9.5 percent compared to the 12.6 percent spike that had been reported for the previous quarter.<\/p>\n

After failing to sustain an early move to the upside, stocks gave back ground over the course of the trading session on Monday. The major averages pulled back off their highs of the session and spent the remainder of the day lingering near the unchanged line.<\/p>\n

The major averages eventually ended the session narrowly mixed. While the Dow inched up 29.07 points or 0.1 percent to 32,832.54, the Nasdaq slipped 13.10 points or 0.1 percent to 12,644.46 and the S&P 500 edged down 5.13 points or 0.1 percent to 4,140.06.<\/p>\n

In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance during trading on Tuesday. Japan’s Nikkei 225 Index slid by 0.9 percent, while China’s Shanghai Composite Index rose by 0.3 percent.<\/p>\n

The major European markets have also turned mixed on the day. While the U.K.’s FTSE 100 Index has inched up by 0.1 percent, the French CAC 40 Index is down by 0.3 percent and the German DAX Index is down by 1 percent.<\/p>\n

In commodities trading, crude oil futures are jumping $1.13 to $91.89 a barrel after surging $1.75 to $90.76 a barrel on Monday. Meanwhile, after climbing $14 to $1,805.20 an ounce in the previous session, gold futures are inching up $2.70 to $1,807.90 an ounce.<\/p>\n

On the currency front, the U.S. dollar is trading at 134.93 yen compared to the 134.95 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0235 compared to yesterday’s $1.0197. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

After ending the previous session little changed, stocks may move to the downside in early trading on Tuesday. 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