Stock futures dropped Wednesday, as traders returning from the Independence Day break eyed headwinds for the global economy and braced for the release of Federal Reserve minutes.
Futures on the S&P 500 (^GSPC) were about 0.4% lower, while those on the Dow Jones Industrial Average (^DJI) were down around 0.4%. Nasdaq 100 futures fell about 0.6%.
A surprisingly sharp fall in Chinese services activity stoked concerns about the health of the world’s second-biggest economy, against a backdrop of building tensions in the US-China trade war.
Shares in Rivian (RIVN) rose nearly 4% in pre-market, looking to extend Monday’s 17% rally, after Amazon said it would roll out the first vans from the EV maker in Germany.
The minutes from the Fed’s June meeting could shed light on policymakers’ decision to simultaneously hold off on a rate hike but still signal more increases to come. Those insights will set investors up for the crucial June jobs report on Friday.
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Source: https://finance.yahoo.com/news/stock-market-news-live-updates-today-july-5-2023-103719823.html