Investing.com – U.S. stock futures pointed to a modestly lower open on Wednesday, as market focus turned from Tuesday’s parliamentary confidence-vote win by Greece’s government to the Federal Reserve’s rate decision due out later in the day.
Dow Jones Industrial Average futures pointed to a modest decline of 0.1%, the S&P 500 futures dipped 0.08%, while Nasdaq 100 futures shed 0.15%.
Greece’s parliament supported Prime Minister George Papandreou’s new cabinet on Tuesday, wining the support of 155 out of 300 parliament members.
However, markets remained cautious as Greek lawmakers still needed to support next week’s vote on new austerity measures, which include harsh spending cuts and new taxes over the next five years.
Meanwhile, markets shifted focus to the conclusion of the Fed’s policy setting meeting, which was to be followed with a press conference by Fed Chairman Ben Bernanke later in the day.
Mr. Bernanke was widely expected to reaffirm the bank’s pledge to hold interest rates near zero for an extended period, while investors will watch for clues regarding the current round of quantitative easing, which was due to end on June 30.
Meanwhile, shares in software developer dropped 3.7% in pre-market trade after it warned that full-year earnings could be lower-than-expected, citing weak demand in Europe.
For the current quarter, the company reported a 54% jump in profit, while revenue rose to USD1 billion, above expectations of USD996.1 million.
U.S.-listed shares of Dutch consumer electronics giant Philips Electronics tumbled 12.7% after issuing a profit warning, citing weaker-than-expected demand in its lighting and consumer lifestyle units in Western Europe.
On the upside, global shipping company FedEx saw shares climb 3% after it said fiscal fourth quarter profit rose 24% to USD558 million. Revenue in the quarter totaled USD10.55 billion, surpassing market expectations for revenue of USD10.41 billion.
Elsewhere, shares in home-goods retailer Bed, Bath & Beyond could be active, as the company was scheduled to release earnings results after Wednesday’s closing bell.
Other stocks in focus included shares in pharmaceutical firm AstraZeneca. The company agreed to sell its Swedish dental implants and medical devices unit, Astra Tech to Dentsply for approximately USD1.8 billion.
Across the Atlantic, European stock markets were modestly lower. The EURO STOXX 50 slipped 0.2%, France’s CAC 40 shed 0.18%, Germany's DAX eased down 0.1%, while Britain's FTSE 100 dipped 0.15%.
During the Asian trading session, regional indices were broadly higher, with Japan’s Nikkei 225 index rallying 1.8% and Australia ASX/200 index climbing 0.55%.
In addition to the Fed’s rate statement, the U.S. was also to publish industry data on home prices, as well as a report on crude oil inventories.
Dow Jones Industrial Average futures pointed to a modest decline of 0.1%, the S&P 500 futures dipped 0.08%, while Nasdaq 100 futures shed 0.15%.
Greece’s parliament supported Prime Minister George Papandreou’s new cabinet on Tuesday, wining the support of 155 out of 300 parliament members.
However, markets remained cautious as Greek lawmakers still needed to support next week’s vote on new austerity measures, which include harsh spending cuts and new taxes over the next five years.
Meanwhile, markets shifted focus to the conclusion of the Fed’s policy setting meeting, which was to be followed with a press conference by Fed Chairman Ben Bernanke later in the day.
Mr. Bernanke was widely expected to reaffirm the bank’s pledge to hold interest rates near zero for an extended period, while investors will watch for clues regarding the current round of quantitative easing, which was due to end on June 30.
Meanwhile, shares in software developer dropped 3.7% in pre-market trade after it warned that full-year earnings could be lower-than-expected, citing weak demand in Europe.
For the current quarter, the company reported a 54% jump in profit, while revenue rose to USD1 billion, above expectations of USD996.1 million.
U.S.-listed shares of Dutch consumer electronics giant Philips Electronics tumbled 12.7% after issuing a profit warning, citing weaker-than-expected demand in its lighting and consumer lifestyle units in Western Europe.
On the upside, global shipping company FedEx saw shares climb 3% after it said fiscal fourth quarter profit rose 24% to USD558 million. Revenue in the quarter totaled USD10.55 billion, surpassing market expectations for revenue of USD10.41 billion.
Elsewhere, shares in home-goods retailer Bed, Bath & Beyond could be active, as the company was scheduled to release earnings results after Wednesday’s closing bell.
Other stocks in focus included shares in pharmaceutical firm AstraZeneca. The company agreed to sell its Swedish dental implants and medical devices unit, Astra Tech to Dentsply for approximately USD1.8 billion.
Across the Atlantic, European stock markets were modestly lower. The EURO STOXX 50 slipped 0.2%, France’s CAC 40 shed 0.18%, Germany's DAX eased down 0.1%, while Britain's FTSE 100 dipped 0.15%.
During the Asian trading session, regional indices were broadly higher, with Japan’s Nikkei 225 index rallying 1.8% and Australia ASX/200 index climbing 0.55%.
In addition to the Fed’s rate statement, the U.S. was also to publish industry data on home prices, as well as a report on crude oil inventories.