Futures edge lower ahead of weekly jobless claims, GDP numbers
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[August 26, 2021] (Reuters)
- U.S. stock index futures edged lower on
Thursday, a day after the S&P 500 and the Nasdaq hit record closing
highs, as investors refrained from making big bets ahead of a barrage of
economic data releases and the Federal Reserve's policy summit.
U.S. stocks have hit a series of record closing highs in the past few
sessions, driven by a much stronger-than-expected earnings season and
positive news about COVID-19 vaccinations.
Among earnings-driven moves, cosmetics maker Coty gained 2.8% in
premarket trading, while beauty chain Ulta Beauty Inc climbed 5.3%.
Dollar General Corp, however, slipped 3.6% after it forecast annual
profit below analysts' estimates.
Discount retailer Dollar Tree Inc, apparel retailers Abercrombie & Fitch
Co and Gap Inc and PC makers Dell Technologies Inc and HP Inc are all
set to report their quarterly results on Thursday.
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Investors will closely watch the Labor Department's weekly jobless
claims report, due at 08:30 a.m. ET, ahead of the Fed's economic
symposium in Jackson Hole on Friday, for clues on the timing of the
paring of its bond purchases program.
Strategists have projected the benchmark S&P 500 to end the year at
4,500 points, essentially unchanged, expecting the economic recovery as
well as earnings growth to lose momentum amid a spike in coronavirus
cases and a wind-down of stimulus.
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A street sign for Wall Street is seen outside the New York Stock
Exchange (NYSE) in New York City, New York, U.S., July 19, 2021.
REUTERS/Andrew Kelly/File Photo
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The Bank of Korea raised its policy rate off a record low on Thursday - the
first central bank of a major Asian economy to do so - in a transition away from
pandemic-era stimulus.
A report is likely to show the U.S. economy grew faster in the second quarter
than initially thought, as massive fiscal stimulus and vaccinations against
COVID-19 boosted spending.
At 6:52 a.m. ET, Dow e-minis were up 19 points, or 0.05%, S&P 500 e-minis were
down 2.75 points, or 0.06%, and Nasdaq 100 e-minis were down 23.75 points, or
0.15%.
NetApp Inc added 3.3% as brokerages raised their price targets on the cloud data
services provider's stock following upbeat first quarter result and better-than
expected 2022 earnings outlook.
Among other stocks, oil majors Exxon Mobil, Chevron Corp and Schlumberger NV
fell 0.5% each, tracking crude prices lower.
Mega-cap technology stocks Microsoft Corp, Facebook Inc, Apple Inc, Amazon.com,
and Tesla Inc slipped between 0.1% and 0.4%.
(Reporting by Devik Jain in Bengaluru; Editing by Saumyadeb Chakrabarty)
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