Futures dip ahead of
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[March 03, 2017]
By Sweta Singh
stock index futures were down for the second straight day since January
on Friday, ahead of Federal Reserve Chair Janet Yellen's speech, which
is expected to give further clarity on the possibility of an interest
rate hike later this month.
Yellen is set to speak at 1:00 p.m. ET (1800 GMT) at the Executives Club
of Chicago. Her speech comes after several other Fed officials this week
stoked market expectations for a March rate hike.
Fed Vice Chairman Stanley Fischer, who has backed raising interest
rates, is scheduled to give a keynote address on monetary policy in New
York at 12:30 a.m. ET.
Traders have priced in a 76 percent chance of a rate hike this month,
compared with roughly 30 percent at the start of the week, according to
Thomson Reuters data.
U.S. stock markets closed down on Thursday as financials declined after
surging a day earlier on increased expectations of a rate hike in March.
Investors also await report from the Institute of Supply Management on
its non-manufacturing index for February, which is expected to remain
unchanged at 56.5. The data is expected at 10:00 a.m. ET (1500 GMT).
The dollar index, which measures the greenback's strength against a
basket of six major currencies, was poised for its fourth straight
weekly gain, though it was about 0.1 percent lower on Friday.
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A trader works inside a post on the floor of the New York Stock
Exchange (NYSE) in New York, U.S., February 28, 2017.
stocks, shares of Snap Inc, which closed up more than 40 percent in their
much-awaited market debut on Thursday, were up 1.3 percent at $24.80 premarket.
World's largest advertising group WPP's U.S.-listed shares were down 7.3 pct at
$108.42 after it cut its 2017 net sales forecast.
Firearm maker American Outdoor Brands' <AOBC.O> shares were down 7.5 percent at
$17.93 after weaker-than-expected full-year forecast on Thursday.
Futures snapshot at 6:53 a.m. ET:
Dow e-minis were down 3 points, or 0.01 percent, with 26,777 contracts
S&P 500 e-minis were down 2.75 points, or 0.12 percent, with 126,491 contracts
Nasdaq 100 e-minis were down 7.25 points, or 0.14 percent, on volume of 22,299
(Reporting by Sweta Singh in Bengaluru)
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