US pre-open: Futures little changed as Russia-Ukraine tensions remain in focus
Wall Street futures were little changed ahead of the bell on Wednesday as investors remained focussed on tensions between Russia and Ukraine and concerns that Federal Reserve will soon launch a rate-hiking campaign as part of an effort to ease inflation.
As of 1220 GMT, Dow Jones and S&P 500 futures were down 0.08% and 0.02%, respectively, while Nasdaq-100 futures had the index opening 0.08% higher.
The Dow closed 422.67 points higher on Tuesday, snapping a three-day losing streak and reversing losses recorded in the previous session, after word broke that Russia had pulled back a number of troops from the Ukrainian border.
Market participants were still locked in on the Russia-Ukraine conflict after NATO officials accused Moscow of continuing to amass troops on the border, just 24 hours after it claimed it was pulling back from the region.
Joe Biden reiterated his vow that the US would defend NATO territory, if Russia proceeds.
"We will rally the world," he said, adding that Washington's allies were prepared to impose powerful sanctions that would undermine Russia's ability to "compete economically and strategically".
The yield on the benchmark 10-year Treasury note was sitting at 2.038% ahead of the open.
On the macro front, US mortgage applications decreased 5.40% in the week ended 11 February, according to the Mortgage Bankers Association, with the refinancing index plunging 8.9% and the purchase index falling 1.2% as prospective buyers were still struggling with elevated sales prices and higher mortgage rates.
Still to come, January's retail sales figures will be published at 1330 GMT and last month's industrial production data will follow at 1415 GMT, while December business inventories and the NAHB's February housing market index will both be published at 1500 GMT.
Minutes from the FOMC's latest policy meeting were scheduled for release at 1900 GMT.
In the corporate space, AMC Networks, Crocs, Kraft Heinz, Hilton Worldwide and Shopify will publish earnings before the open, while Hyatt Hotels, Marathon Oil, Nvidia, Cheesecake Factory and TripAdvisor will report after the close.