US pre-open: Futures edge lower ahead of raft of Fed speakers

The Dow Jones Industrial Average is expected to open down approximately 12 points, while the S&P 500 and the Nasdaq are set to begin the session unchanged from Wednesday’s close.

Fed speakers in focus

After a remarkably quiet week, the economic calendar picks up pace on Thursday, with a report on weekly jobless claims released at 1330 GMT, followed by September job openings at 1500 GMT, while the Federal monthly budget is on tap at 1900 GMT.

Investors will also hear from a number of Fed officials, starting with St Louis Fed president James Bullard, who will speak on the US economy and monetary policy at a meeting in Washington at 1405 GMT.

Richmond Fed president Jeffrey Lacker will appear on a panel at the same conference at 1445 GMT, while Fed Chairwoman Janet Yellen is scheduled to deliver ‘welcoming remarks’ at a monetary policy conference in the US capital at 1430 GMT.

“Following last week’s knock-out non-farm report the chances of a December rate-hike appeared to sharply increase, so investors will be desperate for any insight into the central bank’s current mind-set from the often elusive Fed chair,” said Spreadex’s financial analyst Connor Campbell.

Fed Vice Chairman Stanley Fischer will make an appearance at the same event at 2300 GMT, while Chicago Fed president Charles Evans will give a speech on the economy and monetary policy at the National Communities Council Fall Leadership Forum in Chicago at 1515 GMT.

Finally, New York Fed president William Dudley will speak to the Economic Club of New York at 1700 GMT.

The earnings season continues, with entertainment group Viacom and specialty department store Kohl set to report ahead of the opening bell, with Applied Materials and Cisco System also set to report, while and El Pollo Loco and Nordstrom will release results after the market close.

Elsewhere, Asian equity markets endured a mixed day, as a batch of mixed economic data from China weighed on sentiment yet again, while European stocks posted losses across the board after dovish comments from European Central Bank president Mario Draghi.

The dollar gained 0.43% against the euro and rose 0.25% and 0.20% against the pound and the yen respectively, while spot gold rose 0.03% to $1,086.55.

Oil prices edged lower, as West Texas Intermediate lost 0.63% to $42.66 a barrel, while Brent shed 0.44% to $45.61 a barrel.