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Futures: Dow up 0.03%, S&P up 0.03%, Nasdaq off 0.04%
March 15 (Reuters) - U.S. stock index futures were
little changed on Friday as investors braced for a Federal
Reserve meeting next week that could provide clues on the timing
of the central bank's interest-rate cuts.
Wall Street was set to end marginally higher this week in
spite of hotter-than-expected consumer prices and producer
prices data pointing to sticky inflation.
Higher inflation adds pressure on the Fed to keep interest
rates elevated, pushing traders to rein in bets of a June rate
cut by the Fed to 60% from 73% last week, according to the CME
FedWatch Tool.
All eyes are now on the Fed meeting next week and how soon
the central bank could kick off the rate-easing cycle.
"At the Fed, the big question next week is what they'll
signal in their new dot plot, and whether the median dot still
points towards three cuts for 2024, as happened in December,"
Jim Reid, Deutsche Bank's global head of economics and thematic
research, said in a note.
At 05:04 a.m. ET, Dow e-minis were up 13 points, or
0.03%, S&P 500 e-minis were up 1.5 points, or 0.03%, and
Nasdaq 100 e-minis were down 6.5 points, or 0.04%.
Semiconductor stocks fell on Thursday and were on
track to snap their three-week winning streak as investors took
profits, awaiting the global GTC developer conference from March
18 to 21 for AI-related announcements.
Tesla climbed 1% in premarket trading, after two
sessions of more than 4% losses each.
Madrigal Pharmaceuticals ( MDGL ) jumped 25.4% after the
U.S. Food and Drug Administration approved its drug for a fatty
liver disease known as non-alcoholic steatohepatitis.
Adobe shed 11.4% after it forecast second-quarter
revenue below analysts' estimates, following stiff competition
and weak demand for its AI-integrated photography, illustration
and video.
Ulta Beauty ( ULTA ) slid 6.6% after it forecast full-year
profit below Wall Street estimates as elevated supply-chain
costs and increased promotions hurt its margins.
Crypto stocks such as MicroStrategy ( MSTR ), Marathon
Digital ( MARA ) and Coinbase eased between 5% and 6%
as bitcoin fell.
U.S. Steel slipped 0.7%, extending the previous
session's losses. President Joe Biden said on Thursday the
company, which has agreed to be bought by Japan's Nippon Steel ( NISTF )
for $14.9 billion, must remain a domestically owned
American firm.