Reuters logo
2 months ago
US STOCKS-Futures up as tech stocks recover; Fed meeting in focus
June 13, 2017 / 11:30 AM / 2 months ago

US STOCKS-Futures up as tech stocks recover; Fed meeting in focus

* Futures up: Dow 20 pts, S&P 4 pts, Nasdaq 11.75 pts

By Sruthi Shankar

June 13 (Reuters) - U.S. stock index futures were slightly higher on Tuesday as technology shares staged a recovery after a two-day rout, while investors awaited the Federal Reserve to kick off its meeting, where its is almost certain to raise interest rates.

* Traders have priced in a 94 percent chance of the Fed raising interest rates. Investors are also looking for more details on the central bank's plans to trim its $4.5 trillion balance sheet.

* The Fed is expected to release its decision at 2:00 p.m. ET (1800 GMT) on Wednesday. Fed Chair Janet Yellen is due to hold a press conference at 2:30 p.m. ET.

* A bout of profit-taking in richly-valued technology stocks caused the Nasdaq to suffer its worst two-day drop in more than six months on Monday.

* However, technology stocks appeared to recover on Tuesday. Apple, which had sparked the selloff on Friday, was up 0.78 percent at $146.60 in premarket trading. Other technology heavyweights like Microsoft, Alphabet and Facebook were up marginally.

* The U.S. Treasury Department unveiled a plan on Monday to reduce restrictions that big banks face in their trading operations, ease their annual stress tests, and curb the powers of the Consumer Financial Protection Bureau (CFPB).

* Shares of Bank of America, Goldman Sachs and Citigroup were slightly higher in premarket trading on Tuesday.

* Tesla was up 1.57 percent at $364.65 after Berenberg raised its rating on the stock to "buy" from "hold".

Futures snapshot at 7:05 a.m. ET:

* Dow e-minis were up 20 points, or 0.09 percent, with 5,332 contracts changing hands.

* S&P 500 e-minis were up 4 points, or 0.16 percent, with 170,446 contracts traded.

* Nasdaq 100 e-minis were up 11.75 points, or 0.21 percent, on volume of 11,509 contracts. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D'Silva)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below