US pre-open: Stocks seen muted ahead of Trump press conference
US futures pointed to a muted open on Wall Street as investors awaited President-elect Donald Trump’s first press conference since July.
At 1130 GMT, Dow Jones Industrial Average and Nasdaq futures were up 0.1%, while S&P 500 futures were flat.
Meanwhile, oil prices were firmer ahead of figures from the Energy Information Administration at 1530 GMT, with West Texas Intermediate and Brent crude up 0.8% to $51.22 and $54.07 a barrel, respectively.
In currency markets, the dollar was a little higher against its major rivals, particularly the pound, which slumped following the release of disappointing UK trade balance figures.
Craig Erlam, senior market analyst at Oanda, said: “Markets have been buoyed in recent months by the prospect of growth friendly stimulus measures promised by Trump during the election campaign including tax cuts and fiscal stimulus. The negatives associated with a Trump administration including a trade war with China leading to protectionism have so far been brushed to one side which could be a big downside risk for the markets this year.
“With markets having priced in so much already from the Trump administration despite there being a serious lack of detail on the matter, and having overlooked the risk factors, there may well be potential for Trump to fail to live up to expectations in today’s press conference. Trumps speech immediately following the election brought calm to concerned investors as he focused on togetherness and the need to spend more and create higher quality jobs. He barely mentioned the protectionist measures that had been a substantial part of his campaign and had worried investors in the lead up to the election.”
On Wednesday, Russia denied that it held compromising material on Trump, saying a dossier of unverified allegations was an “absolute fabrication” and a ploy to hurt relations between the US and Russia.
In corporate news, Supervalu and KB Home were among the companies slated to report earnings ahead of the bell.
Ford Motor ticked higher in pre-market trade after the company announced a special dividend late on Tuesday and updated the market on its latest forecasts.
Synnex Corp nudged up after reporting a 37% increase in fourth-quarter profit, while Merck & Co could be in focus after saying late on Tuesday that the US Food and Drug Administration will grant a priority review for one of its lung cancer drugs.
Donald Trump’s news conference will take place in New York at 1600 GMT.