* Futures: Dow 3 pts, S&P off 0.5 pts, Nasdaq up 5.75 pts
By Tanya Agrawal
May 24 U.S. stock index futures were little
changed on Wednesday ahead of the Federal Reserve releasing the
minutes of its May meeting that will help investors gauge the
chances of a rate hike next month.
* The minutes will be released at 2 p.m. ET (1600 GMT) and
Fed funds futures show that traders now see a 75 percent chance
that the U.S. central bank will raise interest rates in June.
* "Our U.S. economists expect the minutes to come down on
the hawkish side and continue to expect the Fed to hike in June
and September and announce balance sheet reduction in December,"
Citi analysts wrote on Wednesday.
* While recent economic data has been mixed with signs of a
dip in consumer sentiment and spending, the job market continues
to strengthen, which could the Fed impetus to continue with its
path of monetary tightening.
* The tightening labor market and historically low mortgage
rates have helped the housing market recovery. Amid a raft of
housing data due is a report that is expected to show existing
home sales fell in April, compared with March.
* Shares of Lowe's fell 4.4 percent to $78.75 in
premarket trading after the No. 2 U.S. home improvement chain
reported a lower-than-expected profit and comparable sales.
Bigger rival Home Depot was off 0.4 percent.
* Nvidia rose 3.3 percent to $141.50 on a report
that SoftBank has built a $4 billion stake in the
* Bunge fell 7 percent to $76 after the grains trader
said it was not in talks with Swiss mining and commodities group
Glencore, following an informal approach.
* Tiffany fell 4.7 percent to $88.75 after the
jewelry retailer reported a surprise drop in quarterly
* Wall Street ended higher on Tuesday as investors were
relieved President Donald Trump's first full budget plan was
largely as expected, even if it is not expected to be approved
* The S&P 500 and the Dow Jones Industrials
edged higher for the fourth day in a row, their longest winning
streak since February. The market is near record highs on hopes
that the Trump administration is going to be able to push
through its pro-business agenda.
Futures snapshot at 7:04 a.m. ET:
* Dow e-minis were up 3 points, or 0.01 percent,
with 13,477 contracts changing hands.
* S&P 500 e-minis were down 0.5 points, or 0.02
percent, with 78,759 contracts traded.
* Nasdaq 100 e-minis were up 5.75 points, or 0.1
percent, on volume of 16,868 contracts.
(Reporting by Tanya Agrawal in Bengaluru, Additional reporting
by Jamie McGeever in London; Editing by Savio D'Souza)