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Nvidia ( NVDA ) edges lower ahead of annual software developer
conference
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Tesla slips after RBC lowers price target
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Gold miners gain as bullion prices hit record high
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Futures down: Dow 0.18%, S&P 500 0.29%, Nasdaq 0.47%
(Updates to before market open)
By Pranav Kashyap and Johann M Cherian
March 18 (Reuters) - U.S. stock indexes were poised for
a lower open on Tuesday ahead of the Federal Reserve's upcoming
meeting, with focus on any insights from the central bank
regarding the economic repercussions of the ongoing tariff
frictions.
The central bank's two-day rate-setting meeting kicks off on
Tuesday, and expectations are that the Fed will keep interest
rates steady, according to data compiled by LSEG.
Several Fed officials have cautioned against hasty moves,
with policymakers awaiting tangible data on tariff impacts.
"The Fed does not want to front run the potential impact of
policy, especially since it seems to be on and off. It's a
difficult job to walk this tightrope," said Art Hogan, market
strategist at B. Riley.
Trump's tariff measures have sparked a trade tussle with
major U.S. trading partners, prompting swift retaliatory
actions. Analysts said U.S. equities dipped into oversold
territory last week.
At 08:45 a.m. ET, U.S. S&P 500 E-minis were down
16.75 points, or 0.29%, with 196,008 contracts changing hands,
Nasdaq 100 E-minis were down 92.25 points, or 0.47%, Dow
E-minis were down 77 points, or 0.18%.
Nvidia ( NVDA ) edged lower in premarket trading. The
company is expected to reveal details of its latest AI chip at
its annual software developer conference.
Focus will also be on developments related to the
Ukraine-Russia war, with Trump scheduled to speak to Russian
President Vladimir Putin at 9 a.m. ET.
Gold crossed $3,000 per ounce for the first time last week,
and hit another record high earlier in the session.
U.S.-listed stocks of gold miners such as Barrick Gold
rose 2% and Gold Fields gained 3.6%.
Some investors continued with "dip buying," capitalizing on
discounted U.S. equities, that propelled all three major indexes
up more than 2% each over the past two sessions.
Last week, the S&P 500 has tumbled more than 10% from
its February peak, signaling the benchmark index entered a
correction phase.
The blue-chip Dow index hovered about 3% shy of a
correction, while the tech-heavy Nasdaq confirmed it is
in a correction on March 6.
Tesla fell 3.6% after brokerage RBC trimmed its
price target on the stock, flagging that the EV maker is losing
market share in China and Europe.
U.S. single-family homebuilding rebounded sharply in
February, with industrial production data for the same month
expected later in the day.