Tuesday June 20th


With little data, Wall Street set to focus on Fed speeches

U.S. stock index futures pointed to a flat open on Tuesday, as investors gear up for another batch of remarks from leading Federal Reserve officials. Dow futures were down 9 points, while S&P futures slipped 1.5 points. Nasdaq futures gained 8.75 points. With little economic data due out on Tuesday, investors are likely to shift their attention to speeches by three leading Fed members, to see if they elaborate on the state of the U.S. economy, after the central bank recently chose to raise rates for the second time in 2017. Boston Fed President Eric Rosengren is set to deliver remarks at the DNB-Riksbank Macroprudential Conference Series in Amsterdam on Tuesday, where he is expected to comment on the state of the U.S. economy. Fed Vice Chairman Stanley Fischer is also at the meeting in Amsterdam, where he has delivered a keynote speech. At the event, Fischer warned that while the U.S. and other nations have taken actions to strengthen their housing finance systems, more needs to be done to prevent a future crisis; according to Reuters. Later on in the day, Dallas Fed President Robert Kaplan will be at the Commonwealth Club of California, in San Francisco, where he is likely to weigh in on current economic conditions and implications for monetary policy. In the earnings sphere, Adobe Systems, FedEx and La-Z-Boy are all set to report. Sticking with data, the Current Account is slated to come out at 8:30 a.m. ET. Meanwhile on the oil front, prices under pressure as concerns of a glut in the market continued to add pressure to sentiment. At 8:14 a.m. ET, U.S. crude was hovering around $43.03, while Brent stood at $45.73 per barrel. In Europe, bourses were trading marginally lower, while Asia-Pacific markets finished trade on a mixed note. he Nikkei 225 surged 0.81 percent or 162.66 points to close near a two-year high at 20,230.41. South Korea's benchmark Kospi index edged lower by 0.07 percent or 1.67 points to finish the session at 2,369.23. Down Under, the S&P/ASX 200 declined 0.82 percent or 47.874 points to end at 5,757.3. Markets in greater China were mixed, with Hong Kong's Hang Seng Index off by 0.21 percent at 3:00 p.m. HK/SIN. On the mainland, the Shanghai Composite edged lower by 0.13 percent or 4.0719 points to close at 3,140.3020 while the Shenzhen Composite climbed 0.118 percent or 2.2146 points to finish at 1,879.0645. In the previous session, U.S. stocks finished higher as technology stocks recovered from a wobbly performance last week. Gold prices rose on Tuesday after hitting a five-week low as the dollar steadied after reaching a 3-week peak following hawkish comments from an influential U.S. Federal Reserve official. Spot gold was up 0.34 percent at $1,246.87 per ounce after earlier touching a low of $1,242.61 an ounce, the weakest since May 17. U.S. gold futures rose 0.1 percent to $1,247.90.