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Mar 28, 2017

U.S. Stock Market Future Indications on March 28, 2017: Dow Fighting to Rise for First Time in 9 Sessions

Victor Reklaitis

U.S. stocks on Tuesday looked on track to open flat or slightly higher, with the Dow average trying for its first win since March 15 as investors wait for a raft of Federal Reserve speeches and economic reports.
Dow Jones Industrial Average futures YMM7, -0.14%  rose by 1 point, or less than 0.1%, to 20,498.00, while S&P 500 futures  ESM7, -0.14% gained by 0.85 point, or less than 0.1%, to 2,339.25. Nasdaq-100 futures NQM7, -0.11%  tacked on 5.50 points, or 0.1%, to 5,384.50.
On Monday, the Dow DJIA, -0.22%  closed lower by 0.2%, to notch its longest losing streak since 2011 with eight straight declines. The S&P SPX, -0.10%  finished down by 0.1%. Analysts blamed the selling in large part on the fizzling of a Republican overhaul of the U.S. health care system, saying the failure sparked worries about President Donald Trump’s other business-friendly plans.
But the blue-chip Dow and the broad S&P both managed to close well above their session lows on Monday, while the tech-heavy Nasdaq Composite COMP, +0.20%  finished 0.2% higher for its second up session in a row. Even so, some analysts remain wary.
“This correction could still have a long way to go, as a lot of hype and anticipation had been built into stock prices since the election,” said Colin Cieszynski, chief market strategist at CMC Markets, in a note.
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Economic data: A February report on U.S. advance trade in goods is slated to hit at 8:30 a.m. Eastern Time, with economists polled by MarketWatch forecasting a deficit of $65.5 billion.
At 9 a.m. Eastern, Case-Shiller's January figures for home prices are expected, followed by a March reading for a consumer confidence index at 10 a.m. Eastern. Economists expect the confidence gauge to come in at 114.1.
Check out: MarketWatch’s Economic Calendar
Fed speakers: Investors will be listening out for comments from a packed schedule of Federal Reserve speakers.
“Focus now turns to central bank speakers for Tuesday,” CMC’s Cieszynski. “It will be interesting to see if their tone changes at all given the president’s big setback.”
Kansas City Fed President Esther George is due to give a speech on the economy in Oklahoma at 12:45 p.m. Eastern, and Fed chief Janet Yellen is slated to talk in Washington, D.C., at 12:50 p.m. Eastern about workforce challenges in low-income communities.
At 1 p.m. Eastern, Dallas Fed President Rob Kaplan is scheduled to take part in a discussion at an event hosted by the Dallas Committee on Foreign Relations
Fed Vice Chairman Stanley Fischer is expected to be interviewed on CNBC between 1:30 p.m. and 2 p.m., while Fed Gov. Jerome Powell is slated to give a speech at 4:30 p.m. on the central bank’s history and structure at West Virginia University.
Stock movers: Shares in Darden Restaurants Inc. DRI, -1.47%  look set for an up day after the Olive Garden parent gained in late trading Monday, as earnings topped expectations. Darden also said it plans to pay $780 million for a 165-restaurant Texas chain, Cheddar’s Scratch Kitchen. Inc. AMZN, +0.14%  traded 0.3% higher premarket after the e-commerce giant said it’s acquiring Dubai-based, placing one of its biggest global bets in recent years on the growing Middle Eastern online shopping market. The deal was reportedly worth around $700 million.
Ford Motor Co. F, -1.38%  rose 1% in premarket action after President Trump tweeted that the auto maker will make a “big announcement” about jobs and investments in three Michigan plants.
McCormick & Co.  MKC, +0.35% posted better-than-expected earnings before the open, but the spice maker’s quarterly revenue missed forecasts. Shares were not yet active in premarket trading.
Cruise operator Carnival Corp. CCL, +0.46%  is likely to see active trading, as it’s among the companies expected to post earnings before the open.
And American Airlines Group’s stock AAL, +0.02%  may be active after the No. 1 U.S. carrier said it will make a $200 million equity investment in China Southern Airlines Co. 600029, +0.76%  , giving it a foothold in China.
Other markets: Oil futures CLK7, +1.22%  and European stocks SXXP, +0.11% traded higher, while Asian markets mostly closed with gains. Gold futures GCJ7, +0.12%  were edging lower, and a key dollar index DXY, -0.02% was inching higher.