Stock futures lower on global concerns, impending Fed meet

[June 13, 2016]  By Yashaswini Swamynathan

(Reuters) - U.S. stock index futures were lower on Monday as investors scurried to safe haven assets ahead of a Federal Reserve policy meeting starting Tuesday.

* The Federal Reserve Open Market Committee (FOMC) will meet for two days to decide when to raise interest rates for the second time in nearly a decade.

* While Fed Chair Janet Yellen had been dropping hints of a rate hike most of last month, shockingly weak May hiring data and the impending UK vote have forced her to tone down her message.

* Banks, which stand to benefit most if the Fed raises interest rates, were lower in premarket trading on Monday. Bank of America <BAC.N> was down 1.6 percent while Citigroup <C.N> and JPMorgan <JPM.N> were off 0.5 percent.

* Yellen is expected to hold a press conference after the meeting on Wednesday.

* Traders have reduced the odds of a hike this month to less than 1 percent and one in July to 33 percent, according to CME Group's FedWatch tool.

* Britain is set to decide on remaining in the European Union on June 23, hampering the value of the pound against the dollar.

* Oil prices started the week in the red, falling nearly 1 percent after traders booked profits and the dollar's strength increased. [O/R]

* Gold prices hit their highest since mid-May as investors sought the safe haven asset.

* An attack in Orlando, Florida, where a gunman killed over 50 people at a nightclub, added to the dour mood.

* Wall Street closed lower on Friday in volatile trading, with the S&P and Nasdaq marking losses for the week over looming global economic uncertainty and higher oil prices.

* Agios Pharmaceuticals  rose 11.2 percent to $56 in premarket trading on Monday after J.P.Morgan Securities raised rating to "overweight".

Futures snapshot at 7:27 a.m. ET:

* Dow e-minis  were down 58 points, or 0.32 percent, with 7,324 contracts changing hands.

* S&P 500 e-minis were down 6.5 points, or 0.31 percent, with 171,563 contracts traded.

* Nasdaq 100 e-minis  were down 21 points, or 0.47 percent, on volume of 10,929 contracts.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Don Sebastian)

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