The U.S. stock index futures indicated a lower opening on Monday for Wall Street as investors refrained from making bets before the decision of the next Federal Reserve head.
President Donald Trump is favoring the nomination of Fed Governor Jerome Powell as the next Fed chair, according to sources. A decision is projected to be made by later this week as the central bank meets for its policy meetings beginning Tuesday. The new Fed is anticipated to linger on interest rates during the meeting.
Nasdaq driven to its best day in almost a year with gains from nearly every major index, piloted by a gush in the technology sector.
As we are halfway through the third-quarter earnings season, roughly 74 percent of the S&P 500 companies that reported earnings have exceeded profit expectations thus far, compared with 72 percent overall for the past year.
This week, Apple and Facebook are the principal companies reporting.
Consumer spending accounts for over two-thirds of the U.S. economic activity. The report’s economic data, due to be released on Monday morning, will most likely confirm an increase of 0.8 percent in September, after sliding up only 0.1 percent during August.
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The investigation into the notion of alleged Russian interference in the 2016 U.S. presidential election shall begin a new stage early this week. The initial charges from the investigation may be opened and result into the detainment of a target.
As for stocks, General Motors dropped 2 percent during premarket trading as Goldman Sachs reduced the company’s stock from “neutral” to “sell”.
Merck fell 5 percent after the company stated that it retracted an application for European use of its Keytruda cancer immunotherapy.
Advanced Micro Devices dropped 3.55 percent after Morgan Stanley lowered the stock from “equalweight” to “underweight”.