US pre-open: Stocks seen mixed ahead of Trump inauguration

US futures pointed to a mixed open on Wall Street as investors looked to Donald Trump’s inauguration as the country’s 45th president.

At 1110 GMT, Dow Jones Industrial Average futures were flat, while S&P 500 and Nasdaq futures were up 0.2% and down 0.2%, respectively.

Meanwhile, oil prices pushed higher, underpinned by a weaker US dollar. West Texas Intermediate and Brent crude were up 1.1% to $52.71 a barrel and $54.75, respectively.

Joshua Mahony, market analyst at IG, said: “After an incredibly unpredictable 2016, today’s US inauguration looks set to make the once seemingly impossible, become possible. Donald Trump has somehow managed to gain the Presidency without the support of the lobbyists or his own party. At a time when people are seeking out change, Trump offers that, and the big question from here on in is whether he will deliver on his promises.

“Trump’s promise of a major fiscal stimulus plan has come as a welcome respite from the monetary policy led days gone by. Yet, with expectations come the chance of disappointment, and the future of the US stock market seems hugely dependent on Trump delivering on his promises.”

In corporate news, IBM fell in pre-market trade, having risen late on Thursday following better-than-expected fourth-quarter earnings.

American Express was also in the red after it reported quarterly earnings per share on Thursday that missed analysts’ expectations.

General Electric was among the companies slated to report their earnings ahead of the opening bell.

Jamieson Blake, retail sales manager at ADS Securities, said: “General Electric is arguably the stand-out corporate release this morning and although the company has changed significantly in recent years, insight as to where the growth is now coming from will be closely followed.

“We also have a couple of FOMC members scheduled to speak later in the day, but it’s really now a case of waiting for the new Presidential administration to get down to business before the market can decide where to go next.”

Philadelphia Fed President Patrick Harker is scheduled to make a speech to a New Jersey Bankers Association forum at 1400 GMT, while Trump’s inauguration is at 1700 GMT.

There are no major US data releases due on Friday.