Tuesday, March 7, 2017

Wall Street Futures Point To Lower Open; Trump's Economic Policies In Focus

By Sam Meredith
March 7, 2017

U.S. stock index futures pointed to a lower open on Tuesday morning amidst growing concerns over U.S. President Donald Trump's ability to implement economic policies.

The long-awaited legislation to repeal and replace Obamacare was unveiled on Monday by U.S. Republicans although it was greeted with immediate criticism from the Democrats.

On the data front, Tuesday will see trade deficit and consumer credit for January released at 8.30 a.m ET and 3.00 p.m ET respectively.

On the earnings front, Brown-Forman, Dick's Sporting Goods and Momo are among the companies scheduled to report before the bell. H&R Block, Aerovironment and Urban Outfitters are all due to report after the market close.

Market expectations for a U.S. interest rate hike were at 86.4 percent Monday, according to the CME Group's FedWatch tool. The Fed's monetary policy committee is set to meet between March 14 and 15.

In Europe, the pan-European Stoxx-600 index was around 0.05 percent lower on Tuesday morning. In Asia, the Shanghai Composite in China closed 0.27 percent higher, while the Nikkei in Japan closed 0.18 percent lower.

In oil markets, Brent crude traded at around $56.14 a barrel on Tuesday morning, up 0.25 percent, while U.S. crude was around $53.36 a barrel, up 0.3 percent.

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