Stock index futures fell on Wednesday after minutes of the Federal Reserve's March meeting released on Tuesday showed policymakers were less inclined to provide more economic stimulus, curbing investors' appetite for risky assets.
Supportive policies by the central bank have been a primary catalyst for the S&P 500's surge of 30 percent since October, even though improving economic conditions have also played a part in the rally. On Tuesday, the S&P 500 retreated from four-year highs following the release of the Fed meeting minutes. Still, the index is up 12.4 percent for the year.
The Fed minutes, which claimed markets were robust, have cast doubts on never-ending easing, said Sal Arnuk, co-head of trading at Themis Trading in Chatham, New Jersey.
In a light volume day like today, the market is highly correlated so we have to look at everything, from the European market to euro to euro-U.S. dollar, the bond auctions.
Economic data will be in the spotlight with the ADP National Employment Report due at 8:15 a.m. ET. The data will give further clues on the state of the employment market ahead of the Labor Department's non-farm payrolls report on Friday. U.S. ISM non-manufacturing sector data will be released at 10:00 a.m. ET
Moody's has downgraded the ratings of conglomerate General Electric Co
Oil prices dipped near $123 a barrel on Wednesday on worries demand for crude could be curtailed after the U.S. central bank dashed hopes of further economic stimulus and news Saudi Arabia would likely keep output high in the event of a stock release.
S&P 500 futures fell 11 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 101 points, and Nasdaq 100 futures fell 20.50 points.
A Brazilian federal prosecutor has launched his second 20 billion real ($10.9 billion) lawsuit against U.S. oil company Chevron
A federal judge has rejected Bank of New York Mellon Corp's
The world's largest online coupon website Groupon Inc
(Reporting By Angela Moon; Editing by Chizu Nomiyama)