Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

U.S. stock index futures were little changed as investors are focusing their attention on Federal Reserve Chairman Ben S. Bernanke’s testimony to Congress and as Bank of England officials dropped their calls for more bond purchases.

Futures on the Standard & Poor’s 500 Index expiring in September change upward less than 0.1% to 1,671.5 at 7:05 a.m. in New York. The contracts earlier advanced as much as 0.1% and fell 0.3%. Dow Jones Industrial Average futures are down 0.23% at 7:40 EDT time.

“Attention is likely to return to the quantitative-easing story later, as Ben Bernanke gives his testimony to Congress,” Richard Hunter, head of equities at Hargreaves Lansdown Plc in London, wrote in an e-mail for Bloomberg. “Given recent history, he is unlikely to be drawn on anything other than what is already in the public domain, which should allow investors to refocus on the further raft of U.S. companies reporting.”

At Bank of England Governor Mark Carney’s first meeting this month, the Monetary Policy Committee voted 9-0-0 to keep the target of its bond-buying program at 375 billion pounds ($566 billion). All nine also wanted to keep the key interest rate at a record-low 0.5%, according to the minutes of their July 3-4 meeting published earlier today. Some of BoE officials dropped their demands for more stimulus.

“In what might be viewed as a snub to former governor Sir Mervyn King, the entire committee voted to keep the asset purchase policy unchanged, with the two remaining doves flocking to the hawkish camp,” Chris Beauchamp, a market analyst at IG in London, wrote in e-mailed comments for Bloomberg. “With this out of the way, all attention turns to Ben Bernanke.”

The S&P 500 broke an eight-day winning streak yesterday as Fed Bank of Kansas City President Esther George, who has opposed the central bank’s bond-buying program this year, told Fox Business Network that tapering the quantitative easing is appropriate as the U.S. economy gathers enough momentum to sustain itself.

Twenty-one companies, including Bank of America Corp. and EBay Inc., are due to release results today. Per-share earnings topped estimates at about 72% of S&P 500 members that have already reported this month.

Meanwhile, Bank of America Corp., the second-biggest U.S. lender, said profit rose 63%, beating analysts’ estimates as the company kept tight cost management policy.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Uniper reports record net loss of 40 billion eurosUniper reports record net loss of 40 billion euros Gas importer Uniper (UN01) posted a record net loss of EUR 40 billion, one of the most considerable losses in Germany's corporate history.The result comes as evidence to what extent Europe's energy sector has been affected by Russia's […]
  • Norway CPI inflation picks up in SeptemberNorway CPI inflation picks up in September Norway’s annual consumer price inflation has picked up to 3% in September from 2.6% in August, the latest data by Statistics Norway showed.Market consensus had pointed to a faster acceleration - to 3.2%.September's rate has been […]
  • Bank of America shares close higher on Tuesday, lender to discontinue joint venture with First Data CorpBank of America shares close higher on Tuesday, lender to discontinue joint venture with First Data Corp Bank of America Corp (BAC) said earlier this week that it intended to discontinue its electronic payment services joint venture with First Data Corp in June 2020. The announcement came just hours after US financial technology provider […]
  • Forex Market: USD/CAD daily trading outlookForex Market: USD/CAD daily trading outlook Yesterday’s trade saw USD/CAD within the range of 1.2074 - 1.1942, the lowest in more than three months. The pair closed 0.11% lower at 1.2021, falling for a third straight session.At 6:48 GMT today USD/CAD was up 0.12% for the day to […]
  • GBP/USD little changed, close to seven-month highsGBP/USD little changed, close to seven-month highs The sterling traded steadily in proximity to its highest level in seven months against the US dollar on Friday, as UK construction data was in sight and it could add to expectations that Bank of England (BoE) may consider a raise in the […]
  • Forex Market: EUR/USD daily trading forecastForex Market: EUR/USD daily trading forecast Yesterday’s trade saw EUR/USD within the range of 1.0971-1.1129. The pair closed at 1.1089, soaring 1.06% on a daily basis, or the most considerable daily gain since June 10th, when it appreciated 1.14%. The daily high has also been the […]