By Saumya Vaishampayan
U.S. stock futures edged down Wednesday, following two
consecutive days of gains for the Dow industrials and the S&P
500.
Investors are looking ahead to the release of minutes from the
Federal Reserve's latest monetary-policy meeting at 2 p.m.
Eastern.
Dow Jones Industrial Average futures fell 19 points, or 0.1%, to
16862. S&P 500 index futures shed three points, or 0.2%, to
1974 and Nasdaq-100 futures lost three points, or 0.1%, to 4032.
Changes in stock futures don't always accurately predict stock
moves after the opening bell.
Stocks rose Tuesday, which marked the third-slowest full trading
day of the year. The Dow gained 0.48% to 16919.59 and the S&P
500 rose 0.5% to 1981.60.
Stocks had drifted higher for most of the first half of 2014,
boosted by low interest rates and improving economic data. The Dow
and the S&P 500 recovered from a pullback in January and early
February to advance to a series of fresh records. It appears that
both indexes are poised to recover from the mid-July pullback,
which was sparked by a bout of geopolitical fears and concerns
about the end of the Federal Reserve's loose monetary policy. The
Dow is off 1.3% from its July 16 record and the S&P is just
0.3% below its July 24 record.
If the Fed minutes show continued comfort on the part of
central-bank officials with keeping monetary policy accommodative,
stocks are likely to continue pushing higher, said Mike Arone,
chief investment strategist for State Street Global Advisors' U.S.
Intermediary Business.
"The numbers that we're seeing continue to indicate that the
economy is improving, particularly areas where we had structural
problems like housing and labor, yet inflation remains fairly
benign," he said. "That is a very positive environment for U.S.
stocks."
Central bankers will remain in the spotlight later this week.
Fed Chairwoman Janet Yellen and European Central Bank President
Mario Draghi are scheduled to speak at an annual gathering of
central bankers in Jackson Hole, Wyo.
European stocks were little changed Wednesday, with the Stoxx
Europe 600 Index down less than 0.1%.
The yield on the 10-year Treasury note rose to 2.415%, according
to FactSet. Treasury yields move inversely with prices.
In corporate news, Lowe's Cos. Inc. reported
better-than-expected results in the second quarter. Shares came
under pressure as the company lowered its sales outlook for the
full year. Shares fell 2.9% premarket.
PetSmart Inc. said it would explore strategic alternatives,
including a possible sale. The company also said it would implement
a cost-reduction program. Shares rose 3.2% in premarket
trading.
In commodity markets, crude-oil futures rose 0.3% to $93.15 a
barrel. Gold futures fell 0.1% to $1,295.70 an ounce.