futures little changed ahead of Fed statement
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[June 18, 2014]
By Chuck Mikolajczak
NEW YORK (Reuters) - U.S.
stock index futures were little changed on Wednesday,
after a three-day winning streak for the S&P 500 index
and ahead of a monetary policy announcement by the
The Fed is widely expected to announce another $10 billion cut to
its monthly bond purchases as it wraps up a two-day policy meeting
at 2:00 p.m. (1800 GMT), but is likely to make few, if any, other
concrete policy moves. Investors will be attuned to whether
officials may tip their hand on longer-term plans for interest
The benchmark S&P index has risen 0.6 percent over the last three
days, as investors largely shrugged off mounting tensions in Iraq
amid a flurry of merger and acquisition activity and
better-than-anticipated manufacturing data.
S&P 500 e-mini futures <ESc2> were up 0.75 points and fair value - a
formula that evaluates pricing by taking into account interest
rates, dividends and time to expiration on the contract - indicated
a slightly higher open. Dow Jones industrial average e-mini futures
rose 6 points and Nasdaq 100 e-mini futures added 6.75 points.
Adobe Systems jumped 9.4 percent to $73.90 in premarket trading
after the maker of Photoshop and Acrobat software reported
better-than-expected quarterly profit and revenue.
FedEx Corp rose 3 percent to $144.50 in premarket trading after the
package delivery company posted fourth-quarter earnings.
Endocyte Inc plunged 19 percent to $6.25 before the opening bell
after the company said a Merck <MRK.N> subsidiary would no longer
pursue development of Endocyte's cancer drug, vintafolide.
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Enteromedics Inc surged 23.7 percent to $1.88 in premarket after the
company said the U.S. Food and Drug Administration Advisory
Committee has recommended its obesity treatment therapy.
European stock markets edged up to within reach of multi-year highs
reached last week, with insurer Aegon <AEGN.AS> rallying after
announcing a share buyback program.
Japan's Nikkei share average rose to a 1 1/2-week high on Wednesday,
as the yen weakened on strong U.S. consumer price data, although
most Asian share markets were on the defensive.
(Editing by Bernadette Baum)
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