US pre-open: Futures broadly flat after major indices snap three-day losing streak

Wall Street futures were little changed ahead of the bell on Wednesday after major indices snapped a three-day losing streak in the previous session.

As of 1215 GMT, Dow Jones futures were up 0.16%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.08% and 0.01% firmer, respectively.

The Dow closed 560.654 points higher on Tuesday, reclaiming some of the losses seen at the start of the week.

The Covid-19 omicron variant was still firmly in focus ahead of the bell on Wednesday after President Joe Biden urged Americans to get booster shots, stating those who did were "highly protected" against the coronavirus, and said that the White House would not be reintroducing any strict lockdown measures as a result of the fast-spreading new strain.

On the macro front, US mortgage applications fell 0.6% in the seven days ended 17 December, following a 4% slump in the previous week, according to the Mortgage Bankers Association. Applications to purchase a home fell 3.3%, while those to refinance a home loan rose 2.2%.

Still to come, third-quarter GDP figures will be published at 1330 GMT, as will the Chicago Fed's November national activity index, while last month's existing home sales data and the Conference Board's latest consumer confidence reading will both follow at 1500 GMT.

AvaTrade's Naeem Aslam said: "Investors are likely recalibrating their investment strategies after reassessing the risks associated with the Omicron variant and weighing them against the Fed's decision to expedite the tapering of its massive stimulus. Stock traders believe the new strain's consequences will be short-lived and less damaging to the American economy.

"The update on quarterly GDP, along with consumer confidence and existing home sales data, may cause volatility in today's session. Existing home sales and consumer confidence data are important because they inform investors about how American citizens expect the economy to perform in the coming months. Similarly, GDP numbers can be used to assess how well the economy performed in the previous quarter after facing new challenges, and thus can be used to make informed forecasts on how the economy will potentially perform in the short term as well."

No major corporate earnings were slated for release on Wednesday.