US pre-open: Futures mixed as traders await key data points
By Iain Gilbert
Date: Wednesday 30 Apr 2025
(Sharecast News) - Wall Street futures were mixed ahead of the bell on Wednesday as market participants braced for an onslaught of economic data.
As of 1245 BST, Dow Jones futures were up 0.13%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.23% and 0.42% weaker, respectively.
The Dow closed 300 points higher on Tuesday after Commerce Secretary Howard Lutnick said the White House was close to announcing a trade deal, but fell short of naming the country the administration has been in negotiations with. Later in the day, Donald Trump said tariff negotiations with India were "coming along great".
Trade Nation's David Morrison said: "It feels as if the market needs some solid positive news for equities to continue their rally. It also feels as if a lack of progress over trade, or disappointment from the data or on earnings, could trigger another pullback.
"There can be little doubt that Trump's tariffs are having a deeply negative effect. Businesses affected by tariffs, particularly those reliant on Chinese imports, are facing near-paralysis as they are unable to plan for the future. Investors were cheered by Trump's quick 'reverse ferret' on tariffs just one week after 'Liberation Day', but the terms of trade with China have already led to a dive in activity on the West Coast, as ports lay off workers as shipping dries up. And while tech giants like Apple may be able to wangle exemptions out of the president, there are thousands of small US businesses which have been left to hang."
Wednesday's primary focus will be a preliminary readinf of Q1's gross domestic product, with analysts expecting to see a flat year-on-year reading, and March's personal consumption expenditures price index, with economists predicting a 2.2% annual increase for headline inflation. Both reports will be released at 1330 BST.
Elsewhere on the macro front, mortgage applications fell 4.2% in the week ended 25 April, according to the Mortgage Bankers Association of America, extending the previous week's 12.7% drop, which was the sharpest in six months. Applications for a mortgage to purchase a new home were down 4%, while applications to refinance a home loan also fell 4% on the week.
Still to come, April's ADP employment change figures will be released at 1315 BST, the April Chicago purchasing managers' index will follow at 1445 BST and March pending home sales will be on deck at 1500 BST.
In the corporate space, coffee giant Starbucks posted quarterly revenue and earnings that fell short of expectations, while shares in Booking Holdings traded lower in pre-market despite delivering top and bottom-line numbers that firmly beat expectations.
Quarterly earnings from tech giants Meta Platforms and Microsoft will be released after the close of trading.
Reporting by Iain Gilbert at Sharecast.com
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