US equity futures traded mixed on Wednesday morning following a day in which stocks struggled on weak US housing sales and a profit warning by a prominent social media brand.
The major futures indexes suggest a slight decline on the Dow when the opening bell rings on Wall Street.
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Oil prices rose more than $1 per barrel to stay above $110.
The Department of Energy will release its inventory report for last week. Crude stockpiles are expected to fall by more than 700,000 barrels.
On the economic docket, the Census Bureau will report Durable Goods orders for April.
NEW HOME SALES PLUNGE NEARLY 17% IN APRIL
Wednesday afternoon, the Federal Reserve is due to give insight into its decision-making by releasing minutes of its latest policy meeting.
On the earnings front, more retailers will report including Dick’s Sporting Goods and Express. After the closing bell we will get numbers from Williams-Sonoma and Guess. Graphics chipmaker Nvidia will also report after the market close.
Bitcoin was trading near the $30,000 level.
In Asia, the Nikkei 225 in Tokyo shed less than 0.1%, the Hang Seng in Hong Kong gained 0.5% and China’s Shanghai Composite Index advanced 0.8%.
|I:DJI||DOW JONES AVERAGE||32637.19||+516.91||+1.61%|
|I:COMP||NASDAQ COMPOSITE INDEX||11740.650441||+305.91||+2.68%|
Wall Street’s benchmark S&P 500 index lost 0.8% after the profit warning Tuesday by Snapchat’s parent company. Spooked investors dumped social media stocks. Construction stocks fell after US home sales plunged in April.
The Dow Jones Industrial Average gained 0.2% to 31,928.62 and the Nasdaq composite, dominated by tech stocks, fell 2.3% to 11,264.45 after the social media selloff. Snap plummeted 43.1%, its biggest single-day drop ever. Facebook parent meta slumped 7.6%. Google’s parent fell 5.1%.
Retailers and companies that rely on direct consumer spending declined. Amazon slid 3.2% and Target fell 2.6%.
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Homebuilders slumped following a government report showing that April sales of newly built homes plunged 26.9% from a year earlier. KB Home fell 2.7%.
The 10-year Treasury was trading at 2.76%.
The Associated Press contributed to this report.