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The S&P 500 and the Nasdaq retreated from their
peaks on Wednesday after minutes from the Fed's latest policy
meeting showed the labor market's swift rebound in May and June
had likely slowed and policymakers would stick with aggressive
stimulus measures for a much longer period.
Data from the Labor Department, due at 8:30 a.m. ET (1230 GMT),
is expected to show the number of Americans seeking jobless
benefits dipped to 925,000 in the week ended Aug. 15.
Despite signs that parts of the economy were still far away from
pre-pandemic levels, the benchmark S&P 500 index completed its
fastest recovery from a bear market this week, joining the
Nasdaq in scaling new peaks.
Unprecedented fiscal and monetary support and gains in
heavyweight technology companies have helped Wall Street's main
indexes dramatically recover from their March trough. Still, the
Dow is more than 6% below its February high.
At 6:22 a.m. ET, Dow e-minis <1YMcv1> were down 86 points, or
0.31%, S&P 500 e-minis <EScv1> were down 9.75 points, or 0.29%
and Nasdaq 100 e-minis <NQcv1> were down 13.25 points, or 0.12%.
Among early movers, Nvidia Corp <NVDA.O> slipped 1.1% in
premarket trade after results from the data center business of
the rising semiconductor industry star disappointed some
investors.
Intel Corp <INTC.O> rose 3.9% after announcing a $10-billion
share buyback plan.
L Brands Inc <LB.N> rose 1.3% after reporting a surprise
quarterly profit, boosted by strong demand for Bath & Body
Works' products as well as higher online sales of Victoria's
Secret lingerie.
(Reporting by Medha Singh in Bengaluru; editing by Uttaresh.V)
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