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MARKET SNAPSHOT: Dow On Track To Test Record Territory As Traders Await Fed Minutes

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01/03/2018 | 02:49pm CEST

By Sara Sjolin, MarketWatch

U.S. stock-index futures indicated another upbeat session is in store Wednesday, with the Dow average set to power to fresh records ahead of the latest Federal Reserve minutes that could provide hints on the number of rate rises in 2018.

What are stock futures doing?

Futures for the Dow Jones Industrial Average gained 59 points, or 0.2%, to 24,827, set to add to a 105-point rally from Tuesday . In that session, the blue chip benchmark ended just 0.05% below its all-time closing high.

S&P 500 index futures added 4.6 points, or 0.2%, to 2,697 on Wednesday, while those Nasdaq-100 futures rose 11 points, or 0.2%, to 6,525.25.

Both the S&P 500 and Nasdaq Composite Index closed at records on Tuesday, powered by rising energy and technology stocks.

What's driving the markets?

The positive trading mood from 2017 appeared to continue into 2018, with stocks in Asia and U.S. kicking off the new year on an strong note. European stocks rose on Wednesday after falling on Tuesday, taking a cue from Asia .

The global stock advances came even amid geopolitical uncertainty in Iran, where at least 22 people have died in protests against the government. On Wednesday, tens of thousands of people took to the streets for pro-government rallies across the country, voicing their support for Supreme Leader Ayatollah Ali Khamenei.

The protests started last week over rising inflation and corruption, but focus has since shifted to a wider discontent with Iran's ruling system and Khamenei. The wave of unrest is now seen as the largest since a disputed 2009 presidential election, and it could filter into markets if it leads to a disruption to the region's oil industry.

What's coming up on the economic calendar?

The highlight for Wednesday is the minutes from the Dec. 12-13 Federal Open Market Committee meeting due at 2 p.m. Eastern Time. Traders are looking for hints on how many times the central bank will raise interest rates in 2018. According to the CME Group's data, the market is currently pricing in the next rate rise in March.

Ahead of the Fed minutes, the ISM manufacturing data for December and construction spending for November are slated for release at 10 a.m. Eastern. Monthly car sales data are expected throughout the session.

What are strategists saying?

"Today's session is another that is looking light of any real headline data. For me the macro picture is all geared towards Friday's U.S. jobs report, so anything prior to that could well just be noise," said James Hughes, chief market analyst at AxiTrader, in a note.

"The only area that won't just be noise comes at [2 p.m. Eastern] when we get the FOMC meeting minutes from the Fed, of which we are looking for indications on rate hikes for 2018. Expectations are that we could see up to 4 rate hikes in 2018, with many believing that the first could happen in March," he said.

Which stocks are in focus?

Scana Corp.(>> SCANA Corporation) soared 24% in premarket action after the energy company agreed to an all-stock merger with Dominion Energy Inc.(D). Dominion shares were unchanged.

Shares of MoneyGram International Inc.(>> Moneygram International Inc) slumped 6.1% ahead of the bell after the money transfer company and Ant Financial Services group, an affiliate of China-based Alibaba Group Holding Ltd. (>> Alibaba Group Holding) late Tuesday said they have agreed to end their merger agreement after months of wrangling with the U.S. government.

What are other markets doing?

The dollar selloff paused , with the ICE dollar index up 0.2% at 92.020.

West Texas Intermediate crude oil rose 0.4% to $60.80 a barrel, while gold futures added 0.1% to $1,317.50 an ounce.

Bitcoin futures climbed 0.3% to $14,905, adding to a 2.7% rise from Tuesday that came after report that Founders Fund, led by venture capitalist luminary Peter Thiel, had amassed a stake in the digital currency .

Stocks in Asia closed in positive territory, while European stocks broadly traded higher .

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -1.26% 25380.27 Delayed Quote.2.15%
NASDAQ 100 -2.23% 7116.0883 Delayed Quote.11.89%
NASDAQ COMP. -2.06% 7485.1387 Delayed Quote.8.60%
S&P 500 -0.03% 2809.21 Real-time Quote.3.50%
US DOLLAR INDEX 0.27% 95.84 End-of-day quote.4.34%
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