Stock Futures Inch Higher, Fed Minutes in Focus

Wall Street is awaiting today's drop of July's Fed meeting minutes

Emma Duncan

Managing Editor

Aug 21, 2024 at 9:11 AM

All eyes are on today's scheduled release of the U.S. Federal Reserve's July meeting minutes, sending stock futures modestly higher. Today's minutes are expected to give more insight into the economic temperature and the Fed's interest rate intentions. The S&P 500 Index (SPX), Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) are cooling from extended daily wins, after all three logged modest losses in yesterday's session.

Continue reading for more on today's market, including:

Bank stock slides on Buffett dump.
2 stocks making moves in the options pits.
Plus, Ford stock sacks plant plans; 2 retailers suffering before the bell.

5 Things You Need to Know Today

The Cboe Options Exchange (CBOE) saw 1.2 million call contracts and 764,622 put contracts exchanged on Tuesday. The single-session equity put/call rose to 0.59, while the 21-day moving average remained at 0.66.
Shares of Ford Motor Co (NYSE:F) are up 1.6% before the bell, brushing off a delay in plans for its new electric vehicle (EV) plant, which was expected to be built in Tennessee in 2025. Also halting a three-row EV SUV, the car maker is set to focus on hybrid models. F has been in recovery mode since suffering a late-July bear gap, holding tight to its 14% year-to-date gain.
China-based e-commerce giant JD.Com Inc (NASDAQ:JD) is suffering a steep 8% pre-market drop, after major retailer Walmart (WMT) revealed it is selling its stake in the company. JD has been choppy on the charts of late, now just below breakeven for the calendar year.
Retailer Macy's Inc (NYSE:M) is sinking 7.8% before the open, set to open at $16.40, should these losses hold. The equity slashed its full-year sales outlook, piggybacking off a mixed quarterly report. M has struggled in 2024, now sporting an 11% year-to-date drop.
Stay up-to-date with the latest earnings and economic schedule.

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Japan Exports Data Miss Expectations

Asian markets were mostly lower on Wednesday, following Japan’s trade data for July, with exports coming in below expectations while imports were above estimates. Japan’s Nikkei shed 0.3%, and Hong Hong’s Hang Seng dropped 0.7% as tech and cyclical stocks struggled. Elsewhere, China’s Shanghai Composite fell 0.4% and South Korea’s Kospi rose 0.2%.

European markets are higher, as investors eye the U.S. Fed's meeting minutes. Higher-than-expected U.K. public sector net borrowing for July is also in focus. The German DAX was last seen 0.6% higher, France’s CAC 40 is up 0.5%, and London’s FTSE is up 0.2%.

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