US pre-open: Futures lower following losing session
By Iain Gilbert
Date: Tuesday 28 Nov 2023
(Sharecast News) - US futures were in the red ahead of the bell on Tuesday following a losing day on Wall Street.
As of 1300 GMT, Dow Jones futures were down 0.04%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.14% and 0.16% lower, respectively.
The Dow closed 56.68 points lower on Monday, taking a bite out of gains recorded in Friday's holiday-shortened session and putting an end to November's otherwise solid performance.
Futures were pointing to a slightly softer start for trading as market participants look to take stock of what has been another strong month for major indices despite mounting macroeconomic pressures.
Scope Markets' Joshua Mahony said: "Yesterday's miss in reported new home sales for October underlines the fact that rising borrowing costs are taking a toll on the consumer end of the market so despite the Fed perpetuating with its stance that suggests rates won't be falling any time soon, it's difficult to argue that the cracks aren't beginning to show. A slew of comments expected today from Federal Reserve officials can therefore expect to be under close scrutiny, with dovish sentiment poised to drive markets higher as a result."
On the macro front, S&P/Case-Shiller's September home price index will be published at 1400 GMT, while the Richmond Federal Reserve's November manufacturing index will follow at 1500 GMT.
Elsewhere, Federal Reserve bankers Austan Goolsbee, Christopher Waller, Michelle Bowman, and Michael Barr will all deliver speeches on Tuesday.
In the corporate space, Zscaler was in the red prior to the open despite the cloud security company posting Q1 adjusted earnings and revenues that beat expectations, while software firm CrowdStrike will report earnings after the bell.
Reporting by Iain Gilbert at Sharecast.com
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