US pre-open: Futures higher as Dow looks to snap three-day losing streak

4th Apr 2024 11:58

(Sharecast News) - Wall Street futures were in the green ahead of the bell on Thursday following a third-straight losing session for the blue-chip Dow Jones Industrial Average.

As of 1215 BST, Dow Jones futures were up 0.27%, while S&P 500 and Nasdaq-100 futures were up 0.30% and 0.42%, respectively.

The Dow Jones closed 43.10 points lower on Wednesday as investors continue to fear that the Federal Reserve may look to maintain high interest rates longer than initially expected.

Federal Reserve chairman Jerome Powell said on Wednesday that the central bank will need to see more proof that inflation has started to move in the direction of its 2% guideline before making any cuts to interest rates. Atlanta Fed head Raphael Bostic also warned that just one cut might be in the cards for 2024.

Wall Street has adjusted its expectations for rate reductions, with Fed funds futures now suggesting a 58.5% likelihood of a cut at the FOMC's June meeting, down from about 70%.

While investors were primarily holding out until tomorrow's non-farm payrolls report, Thursday's macro slate consists of weekly jobless claims data from the Labor Department, which will be out at 1330 BST, as will February's goods trade balance numbers.

There will also be a number of speeches from Federal Reserve policymakers throughout the course of the day, with Philly Fed head Patrick Harker slated to speak at 1455 BST, Richmond Fed president Tom Barkin up at 1715 BST, Austan Goolsbee of the Chicago Fed due to deliver a speech at 1745 BST, and Minneapolis Fed boss Need Kashkari and Cleveland Fed CEO Loretta Mester both set to make comments at 1900 BST.

Reporting by Iain Gilbert at Sharecast.com