U.S. stock markets opened slightly lower on Wednesday, with futures on the Nasdaq 100 (US100) and S&P 500 slipping into negative territory. Investors appear to be treading cautiously as they await a series of key economic releases that could shape the near-term direction of the markets. One of the early highlights will be the weekly crude oil inventory report, which could provide insight into the health of the energy sector and broader commodity market trends.
However, the focal point of the day will be the release of the FOMC meeting minutes later this evening. This document could offer important clues about the Federal Reserve’s monetary policy outlook and significantly influence investor sentiment across both equity and bond markets.
Looking ahead, markets are also gearing up for Thursday’s PMI data releases, which will give an updated snapshot of activity in the U.S. manufacturing and services sectors. These figures are widely watched as indicators of economic momentum and may play a crucial role in shaping expectations for future growth.
US100 (H1 interval)
Nasdaq-100 futures (US100) are trading slightly lower ahead of the U.S. session open. Following a sharp downturn in recent sessions, the index has entered a consolidation phase near the 23,400 level, signaling a temporary pause in selling pressure. On the hourly chart, price action remains range-bound, with prices hovering around the short-term exponential moving averages – a clear sign that the market lacks a decisive direction at this stage. Traders appear to be waiting on upcoming macroeconomic releases, which are likely to provide the next catalyst. The market’s reaction to these data points will be key in determining whether this consolidation evolves into further declines or sets the stage for a potential rebound.
Source: xStation5
Company Updates:
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La-Z-Boy (LZB.US): Shares are down 13% after the company released weaker-than-expected earnings and lowered guidance for the upcoming fiscal quarter. A sharp decline in operating margins was reported, with EPS at $0.47, missing the $0.53 consensus. Management pointed to a challenging macro backdrop and rising cost pressures.
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Celldex Therapeutics (CLDX.US): The stock is trading 5% lower after mixed results from a Phase II trial of its drug barzolvolimab. While the trial met biological endpoints (mast cell reduction), it failed to demonstrate clinical improvement in EoE patients. The company has decided to halt development of the drug for this indication but remains committed to other therapeutic areas.
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Novavax (NVAX.US): Shares are down 7% after Bank of America Global Research downgraded the stock from “neutral” to “underperform.” Analysts flagged competitive pressures and uncertainty around the company’s position in the COVID-19 and broader vaccine market as major concerns.
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