June 12, 2018 / 11:58 AM / 2 months ago

US STOCKS-Futures inch lower after Trump-Kim summit

* Futures down: Dow 0.17 pct, S&P 0.1 pct, Nasdaq 0.09 pct

By Sruthi Shankar

June 12 (Reuters) - U.S. stock index futures edged lower on Tuesday after President Donald Trump and North Korean leader Kim Jong Un signed a joint statement at a historic summit but offered few details on their pledge to denuclearize the Korean peninsula.

Several political analysts said the summit had yielded symbolic, rather than tangible, results.

Investors also focused on the U.S. Federal Reserve's two-day policy meeting on Tuesday during which it is widely expected to raise interest rates, as well as on economic data.

In what could be the most consequential rewrite of its policy statement in two-and-a-half years, the Fed may signal how close it is to stopping its rate hike cycle, whether faster economic growth warrants ramping up the pace of tightening, and if it feels the era of loose money is, in effect, over.

By 7:16 a.m. ET, Dow e-minis were down 42 points, or 0.17 percent. S&P 500 e-minis were down 2.75 points, or 0.1 percent and Nasdaq 100 e-minis were down 6.75 points, or 0.09 percent.

On the data front, U.S. consumer prices for May are expected to remain steady at 0.2 percent, while the core CPI is expected to gain 2.2 percent from a year earlier. The Labor Department is expected to release the data at 8:30 a.m. ET.

Inflation is flirting with the Fed's 2 percent target and policymakers have in recent days signaled they would not be too concerned if inflation overshot the target.

Among stocks, Twitter rose 2.4 percent in premarket trading after J.P. Morgan raised price target by $11 to $50.

Shares of AT&T Inc rose 0.5 percent ahead of a landmark ruling that will determine if it can buy Time Warner Inc. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D'Silva)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below