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Feb 6, 2019

Wall Street Future Indications: Dow futures point lower after Trump's State of the Union address

Spriha Srivastava

U.S. stock index futures traded lower in the premarket Wednesday morning after President Donald Trump delivered his second State of the Union address.
At around 6 a.m. ET, Dow futures indicated a negative open of more than 70 points. Futures for both the S&P 500 and the Nasdaq were also trading lower.
Markets focusedon Trump's address Tuesday as he vowed to build a wall that's the source of a deep partisan divide. Democrats did not yield to Trump's demand to fund the barrier, leading to a 35-day partial government shutdown during December and January.
On the data front, Wednesday will see U.S. trade deficit figures, productivity data and unit labor costs at 8:30 a.m. ET.
Investors will also focus on a slew of corporate earnings. General Motors, GlaxoSmithKline, Softbank, Toyota, Spotify, and New York Times Co. are set to report before the bell. Chipotle Mexican Grill, FireEye, NewMarket, and Sonos are among the companies expected to report after the bell.
The Federal Reserve's Jerome Powell is scheduled to speak in Washington, D.C., on Wednesday evening. The U.S. central bank chairman is expected to deliver opening remarks and answer questions on monetary policy at a town hall meeting with teachers.
Meanwhile, the Federal Reserve's vice chairman for supervision is also expected to speak shortly after the closing bell. Randal Quarles, who oversees the nation's banking industry, is poised to deliver remarks on stress testing at a reception in New York.

Source: CNBC

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