Stock futures slip as growth concerns linger
US economy not at recession risk ‘anytime soon’: Portfolio manager
Federated Hermes portfolio manager Steve Chiavarone discusses his outlook for the economy and Fed.
Stock futures slipped Wednesday morning as investors expressed skepticism over the strength of the U.S. economy.
Dow Jones Industrial Average futures fell 11 points, or 0.03%, while S&P 500 futures and Nasdaq 100 futures declined 0.02% and 0.06%, respectively.
The small losses come a day after the Nasdaq notched a fourth straight close in record territory as the Dow and the S&P 500 posted modest losses. Markets have been on shaky ground after Friday’s underwhelming August jobs report.
Investors will get another glimpse into the health of the economy Wednesday when JOLTS job openings and the Federal Reserve’s Beige Book are released.
In stocks, PayPal Holdings Inc. has agreed to buy Japan-based buy now, pay later company Paidy in a $2.7 billion deal that is made up mostly of cash.
Tesla Inc.’s China sales surged 49% in August to 12,885 vehicles, according to the China Passenger Car Association. The company sold 44,264 China-made vehicles and an additional 31,379 China-made vehicles that were exported elsewhere.
Coinbase Global Inc. was last week informed by the U.S. Securities and Exchange Commission that it could sue the crypto exchange over its interest-earning product called Coinbase Lend, the company disclosed in a blog post Tuesday evening. The product’s launch has been delayed until at least October.
Coty Inc. was sharply lower after the company priced a 50 million-share secondary offering by private-equity firm KKR at $8.53 per share.
GameStop Corp. is set to release its quarterly results after Wednesday’s closing bell.
In commodities, West Texas Intermediate crude oil jumped 93 cents to $69.28 per barrel and gold edged up $1.50 to $1,800 an ounce.
Overseas markets were mostly lower.
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European bourses were weaker across the board with Germany’s DAX 30 sliding 0.63%, Britain’s FTSE 100 weaker by 0.45% and France’s CAC 30 down 0.37%.
In Asia, Hong Kong’s Hang Seng index and China’s Shanghai Composite slipped 0.12% and 0.04%, respectively, while Japan’s Nikkei 225 rose 0.89%.
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