By Shivani Kumaresan and Medha Singh (Reuters) – Major Wall Street indices were expected to fall at the open on Wednesday, as investors cautiously awaited minutes from the latest Federal Reserve meeting that could offer clues to sentiment. from the central bank on inflation and economic recovery. Massive fiscal stimulus and quick vaccines prompted several Fed officials at last month’s meeting to project interest rate hikes next year, driving a wedge with those who don’t see rates rising until 2024 at the earliest. . “The only thing that could move the markets would be a surprise in the minutes regarding the rate hike debate,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “At this point, no one is anticipating that.” A strong monthly payroll report, which helped it hit its fourth consecutive all-time high on Tuesday, is just a small step toward the central bank’s threshold to consider reducing its massive support for the economy. Value stocks, which include economically sensitive sectors, hold a strong lead this year over their growth counterparts, predominantly tech-related companies. However, a resurgence in demand for tech stocks in recent sessions has raised questions about the longevity of value trading. The upcoming first-quarter earnings season and progress on a multi-million dollar infrastructure proposal could decide the way forward for the market. “The earnings season should be quite good as we are seeing the economy reopening, job recovery … the expectation is for more guidance,” Nolte added. As of 8:20 a.m. EDT, the Dow E-minis were down 32 points, or 0.1%, the S&P 500 E-minis were down 3.5 points, or 0.09%, and the E-minis were down 11, 75 points or 0.09%. Shares of energy companies Chevron Corp (NYSE 🙂 and Occidental Petroleum (NYSE 🙂 and cruise operators Norwegian Cruise Line (NYSE :), Carnival (NYSE 🙂 Corp and Royal Caribbean (NYSE 🙂 Cruises Ltd rose between 0.9% and 3.6% in pre-market trade due to optimism about an economic reopening. Prison operator GEO Group fell 10% after suspending quarterly dividend payments. Shares of Ebon International rose 5% after the Chinese bitcoin mining machine maker responded to a critical report from short seller Hindenburg Research.
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