* Fed minutes to be released at 2:00 p.m. ET
* Oil prices rise 0.27 pct ahead of producer meet
* Cybersecurity stocks fall after Fortinet cuts forecast
* Futures down: Dow 46 pts, S&P 5.5 pts, Nasdaq 14.5 pts
(Adds details, comments,)
By Yashaswini Swamynathan
Oct 12 Wall Street looked set to open lower on
Wednesday as investors eyed the finer details of the Federal
Reserve's September policy meeting.
While the Fed stood pat on interest rates during the
meeting, three members voted for a hike. The minutes will reveal
policymakers' views on the progress of the U.S. economy and its
ability to absorb an increase this year.
Traders have currently set a 70 percent chance of a rate
hike in December, the CME Group's FedWatch tool showed.
"We are going to have to wait till 2 p.m. today to see what
kind of discussion the FOMC had on rates," said Kim Forrest,
senior equity research analyst, Fort Pitt Capital Group in
Wall Street sold off on Tuesday as biotechnology stocks took
a beating and the first rush of corporate earnings, including
those of Alcoa, were disappointing.
The markets are likely to be more volatile as the
third-quarter earnings season will test relatively high
valuations of stocks. The changing dynamics of the U.S.
presidential elections and a strong possibility of a December
U.S. interest rate hike are the other factors weighing on
Overall S&P 500 earnings are currently expected to fall 0.7
percent in the third quarter, marking the fifth quarter of
negative earnings in a row, according to Thomson Reuters data.
Dow e-minis were down 46 points, or 0.25 percent,
with 27,328 contracts changing hands.
S&P 500 e-minis were down 5.5 points, or 0.26
percent, with 183,453 contracts traded.
Nasdaq 100 e-minis were down 14.5 points, or 0.3
percent, on volume of 26,877 contracts.
Oil prices were up 0.27 percent on Wednesday as major
producers meet in Istanbul where oversupply could be addressed.
Fortinet shares plunged 14.5 percent premarket
after the cybersecurity company cut third-quarter revenue and
profit forecast. Shares of rivals Palo Alto and Fireeye
Barracuda Networks rose 8.9 percent after the
computer security and storage firm's quarterly revenue beat
Apple was up 0.4 percent after Mizuho raised the
stock's price target. The iPhone maker's shares have risen for
the past six days, gaining in part by rival Samsung's issues
with its Galaxy Note 7 phones and its eventual profit warning on
Newell Brands rose 3.4 percent after the consumer
products company said it would sell its tool business to Stanley
Black & Decker for $1.95 billion.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by