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Equitrans Midstream ( ETRN ) up as EQT to buy back firm
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Crypto stocks advance as bitcoin hits all-time high
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Futures off: Dow 0.26%, S&P 0.11%, Nasdaq 0.09%
(Updated at 7:00 a.m. ET/ 1100 GMT)
By Bansari Mayur Kamdar and Shashwat Chauhan
March 11 (Reuters) -
U.S. stock index futures were marginally lower on Monday, as
investors awaited key inflation data this week that could
provide more cues on the Federal Reserve's monetary policy path
following last week's mixed jobs report.
All three major U.S. stock indexes ended the week lower on
Friday, with the S&P 500 and Nasdaq coming off record highs as
high-flying chip stocks fell and a labor market report showed
more new jobs than expected, while the unemployment rate rose
unexpectedly.
The mixed report bolstered bets of the Fed cutting interest
rates in June. Friday's data even prompted some traders to bet
on a May rate cut.
"We believe the Fed will be inclined to see the employment
release as evidence that the jobs market is becoming less
overheated," Mark Haefele, chief investment officer at UBS
Global Wealth Management, wrote in a morning note.
This week's February data, including consumer prices (CPI),
will offer more clues on whether inflation has eased enough for
policymakers to lower borrowing costs in the coming months.
Sticky inflation data for January and signs of a robust
economy halted the AI-led rally last month, leading traders to
push back bets of the first interest rate cut to June from
March.
Federal Reserve officials are in a media blackout ahead of
their latest rate-setting meeting next week.
At 7:00 a.m. ET, Dow e-minis were down 101 points,
or 0.26%, S&P 500 e-minis were down 5.75 points, or
0.11% and Nasdaq 100 e-minis were down 16.75 points, or
0.09%.
AI-darling Nvidia ( NVDA ) struggled for direction in
premarket trading after a 5.5% drop on Friday, as chip stocks
lost some momentum.
Boeing ( BA ) eased 0.9% after Alaska Airlines said
on Saturday it was cooperating with the U.S. Department of
Justice in a criminal investigation into a Boeing 737 MAX
blowout on one of its flight in January.
Cryptocurrency and blockchain-related firms, including
Coinbase Global ( COIN ), Riot Platforms ( RIOT ) and Marathon
Digital ( MARA ), climbed between 4.5% and 5.9% as bitcoin
hit a fresh record high.
Equitrans Midstream ( ETRN ) jumped 9.2% after EQT Corp ( EQT )
said on Monday it had decided to buy back its former
unit in an all-stock deal.
EQT shares were down 2.2%.
Drugmaker Eli Lilly fell 1.4% after shedding 2.3% in
the previous session.
The 2024 U.S. presidential election is also coming into
focus, with investors bracing for a likely rematch between
President Joe Biden and former President Donald Trump.