Stocks Little Changed Ahead of Powell Remarks
U.S. stock index futures were little changed Tuesday morning as investors awaited commentary from the top Federal Reserve official.
Futures for the Dow Jones Industrial Average demurred 22 points, or 0.1%, to 26,740.
Futures for the S&P 500 doffed 3.75 points, or 0.1%, at 2,948.75.
NASDAQ futures removed 15 points, or 0.2%, to 7,743.75
Micron Technology, FactSet Research Systems and FedEx are among the companies reporting earnings today.
Fed Chair Jerome Powell is scheduled to speak in Washington at 1 p.m. ET. Powell is expected to discuss the Fed's outlook on the economy and monetary policy.
Powell's remarks come after the Fed kept interest rates unchanged last week and said it will “act as appropriate” to maintain the current economic expansion. This led traders to price in a 100% probability of the Fed cutting rates next month.
Investors are also anticipating a meeting between President Donald Trump and Chinese President Xi Jinping later this week. The meeting between Trump and Xi will be the first face-to-face meeting for the leaders since trade talks broke down in May, leading to a hike in U.S. tariffs on imports of Chinese goods.
New home sales for May for May will be released at around 10:00 a.m. ET, with consumer confidence figures set to follow slightly later in the session.
Overseas, the Nikkei 225 dropped 0.4% Tuesday, while in Hong Kong, the Hang Seng index sagged 1.2%
Oil prices fell a penny to $57.89 U.S. a barrel.
Gold prices gained $12.20 to $1,411.70 U.S. an ounce.