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U.S. stock futures fell on Wednesday as investors’ optimism about interest rate cuts took hold and concerns about China’s economy grew, showing momentum from a tough January continues.
Dow Jones Industrial Average (^DJI) futures were down 0.4% and S&P 500 (^GSPC) futures were down 0.4%, on track for gains after Tuesday’s weak start to the holiday-shortened week. Futures for the Nasdaq 100 Index (^NDX), which has a high proportion of high-tech stocks, fell by about 0.5%.
Stocks have struggled as policymakers buck persistent expectations that central banks will cut interest rates early and often in 2024. ECB President Christine Lagarde on Wednesday joined US Federal Reserve President Chris Waller and others in warning that expectations for immediate easing were too high.
Disappointing GDP data, which suggests China’s growth is slowing despite stimulus measures, also provided further tailwinds. Oil prices have fallen due to concerns about a decline in demand in the world’s second-largest economy.
Hopes now rest on quarterly results and December retail sales figures to be released later Wednesday, when the season is expected to accelerate. Fed officials have emphasized that policy decisions will depend on future economic data.
With the financial results of major Wall Street financial institutions receiving mixed reviews, attention in the morning is focused on the fourth quarter results of regional banks. US Bancorp (USB) and Citizens Financial (CFG) have been called in to report.
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