US pre-open: Stocks set for muted open ahead of data slew, Fed minutes

US futures pointed to a muted open on Wall Street as investors paused for breath after the Dow closed above 19,000 for the first time on Tuesday, with a slew of data releases and the latest Federal Reserve minutes due ahead of the Thanksgiving break.

CMC Markets’ Michael Hewson said: “US markets which hit new records last night look set to open slightly higher ahead of today’s release of the latest FOMC minutes, where we’ll get an idea of how various Fed members lined up with respect to a December rate rise.”

At 1210 GMT, Dow Jones Industrial Average futures were flat, while S&P 500 and Nasdaq futures were down just 0.1%, with volumes likely to be lower than usual as markets will be closed on Thursday for Thanksgiving and shut early on Friday.

Meanwhile, oil prices were trading just a touch higher after a choppy session on Tuesday as investors continued to hope that next week’s OPEC meeting will yield an agreement to cut production. West Texas Intermediate was up 0.2% to $48.14 a barrel and Brent crude was 03% firmer at $49.25.

In currency markets, the dollar was up 0.2% against the pound ahead of the UK Autumn Statement, and flat against the yen and the euro.

In corporate news, Deere & Co. was in focus after it reported better-than-expected fourth-quarter earnings per share ahead of the bell.

Elsewhere, Eli Lilly tumbled in pre-market trade after the company said a late-stage trial of a treatment for dementia in patients with Alzheimer’s failed to meet its goal.

On the macroeconomic front, durable goods orders and initial jobless claims are at 1330 GMT, while new home sales and University of Michigan consumer sentiment are at 1500 GMT.

Societe Generale said: “Headline durable goods may have jumped by 2.5% in October, supported by a surge in aircraft orders. Boeing alone reported 85 new orders in October, a likely 65% jump in non defense aircraft series. Excluding transportation however, orders may have slipped by 0.2%, with declines in fabricated metals, computers and electronics, and furniture.

“Meanwhile, we expect new home sales to have climbed by 2.9% in October, reflecting a solid pace of single family housing starts and building permits.”

Minutes of the Fed’s 1-2 November meeting are due at 1900 GMT.