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Investing.com– U.S. stocks index futures fell Wednesday, with focus remaining squarely on a barrage of economic readings that are set to offer more cues on monetary policy.
By 06:45 ET (11:45 GMT), the Dow Jones Futures contract was down 115 points, or 0.3%, S&P 500 Futures traded 14 points, or 0.3%, lower and Nasdaq 100 Futures dropped 65 points, or 0.4%.
GDP data, PCE inflation in focus
The majority of the Wall Street indexes closed slightly higher on Tuesday, with the DJIA the exception, buoyed by a mild rebound in technology stocks, but have remained within tight trading ranges over the past three sessions.
Investors remain concerned about the possibility that the Federal Reserve will keep interest rates at elevated levels for a prolonged period of time, and thus the focus this week has been on a string of key economic readings that could dictate Fed thinking going forward.
There is a second reading of fourth-quarter GDP data due later in the session, which is expected to show some cooling in growth, although not to an extent where the Fed will be spurred into cutting rates.
However, PCE price index data, the Fed’s preferred inflation gauge, is the most widely-waited release, on Thursday, given that it is likely to factor into the central bank’s outlook on interest rates.
A string of Federal Reserve officials are also set to speak in the coming days, after several officials reiterated that the bank was in no hurry to begin loosening monetary policy.
Beyond Meat surges on strong earnings
Fourth-quarter earnings have continued to emerge, as the season draws to a close.
Retailer TJX Companies (NYSE:TJX) leads the way before the open on Wednesday, while Salesforce (NYSE:CRM) heads the billing with its quarterly numbers after the close.
Elsewhere, Beyond Meat Inc (NASDAQ:BYND) surged over 50% in premarket trade after reporting better-than-expected quarterly earnings, and also forecasting stronger margins.
E-commerce site eBay (NASDAQ:EBAY) rose 3% on stronger-than-expected earnings, while Ambarella (NASDAQ:AMBA) rose 10% on a smaller-than-expected loss.
On the other hand, online dating company Bumble (NASDAQ:BMBL) lost 9% on weak revenue guidance, while Urban Outfitters (NASDAQ:URBN) slid 10% on disappointing earnings.
Crude falls on large U.S. inventories build
Oil prices fell Wednesday following a hefty rise in U.S. crude inventories, suggesting the important U.S. market remains well-supplied while consumption is sluggish.
By 06:45 ET, the U.S. crude futures traded 1% lower at $78.09 a barrel, while the Brent contract dropped 0.9% to $81.88 a barrel.
Data from the American Petroleum Institute, released on Tuesday, showed U.S. crude oil inventories grew by 8.4 million barrels in the week to Feb. 22, much more than analyst expectations for a build of 1.8 million barrels.
The official inventory data are due later in the day, and have somewhat diverged from the API data in recent weeks.
Additionally, gold futures fell 0.4% to $2,036.65/oz, while EUR/USD traded 0.3% lower at 1.0815.
(Ambar Warrick contributed to this article.)
Source: Investing.com
