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Mar 29, 2017

U.S. Stock Future Markets Indications on March 29, 2017: S&P 500 Set to Struggle for Direction, but Vertex Soars 17%.

Victor Reklaitis

U.S. stock futures pointed to a muted open Wednesday, with the Dow poised to catch its breath after a 151-point gain that followed better-than-expected economic reports.
Traders are keeping an eye out for Federal Reserve speeches, as well as tracking the U.K.’s invocation of Article 50, which officially starts that country’s withdrawal from the European Union.
S&P 500 futures  ESM7, -0.03% were roughly flat at 2,351, while Dow Jones Industrial Average futures YMM7, -0.06% edged lower by 15 points, or less than 0.1%, to 20,610. Nasdaq-100 futures US:NQH7 NQM7, +0.06%  inched higher by 2 points, or less than 0.1%, to 5,407.
On Tuesday, the S&P 500 SPX, +0.73%  closed 0.7% higher, while the Dow DJIA, +0.73%  rose by 150.52 points, or 0.7%, and snapped an eight-session losing streak. The Nasdaq Composite COMP, +0.60%  tacked on 0.6%.
There has been a rebound for the “recently unloved reflation trades,” said James Woods, a global investment analyst at Rivkin Securities, in a note.
”The highest U.S. consumer confidence reading in 16 years reminded investors it’s not all about politics,” Woods said.
Opinion: The ‘reflation’ trade since Trump’s election might be going in the other direction
The S&P has cut its month-to-date loss to 0.2%, as of Tuesday’s close. The broad benchmark stands 1.6% below its March 1 all-time closing high.
Why the bank of the future will look like an Apple store
As e-banking technology has improved, the number of bank branches is expected to fall by a third in the next decade. But rather than get rid of branches altogether, banks are trying to give them makeovers to get customers to still come in.
Stock movers: Shares in Vertex Pharmaceuticals Inc. VRTX, -1.24%   surged 17% in premarket action. The move came after news late Tuesday that the company’s drug for cystic fibrosis met endpoints in two late-stage clinical studies.
Restoration Hardware parent RH RH, +3.57%  was also on track for an up day after the home furnishings retailer’s better-than-expected earnings late Tuesday.
But restaurant chains Dave & Buster’s Entertainment Inc. PLAY, +2.34%  and Sonic Corp. SONC, +2.44%  look set for down days after delivering disappointing guidance and weaker-than-anticipated revenue, respectively.
Other markets: Oil futures CLK7, +0.45%  traded higher, while European stocks SXXP, +0.01% were little changed. Asian markets closed mostly with gains. Gold futures GCJ7, -0.40%  dipped, and a key dollar index DXY, +0.38% rose. The British pound GBPUSD, -0.1446%  was dropping on Brexit trigger day.
Read: How to trade the pound as Theresa May pulls the Brexit trigger
Economic news: Chicago Federal Reserve President Charles Evans is due to speak at 9:20 a.m. Eastern Time in Germany at a conference on capital markets.
Boston Fed President Rosengren is slated to deliver a speech on the economic outlook to the Boston Economic Club at 11:30 a.m. Eastern, and then be interviewed by Bloomberg TV and radio at 1:45 p.m. Eastern.
San Francisco Fed President John Williams is on tap to talk about the U.S. economy at the Forecasters Club of New York at noon Eastern.
On the data front, a February report on pending home sales is scheduled to hit at 10 a.m. Eastern Time.
Check out: MarketWatch’s Economic Calendar