US pre-open: Stocks seen muted amid low holiday volumes
US futures pointed to a muted open on Wall Street on Wednesday, with volumes expected to remain light for the rest of the week as many traders are still away from their desks for the holidays.
At 1145 GMT, Dow Jones Industrial Average futures were flat, while S&P 500 and Nasdaq futures were up 0.1%.
Oanda analyst Craig Erlam said: “It’s been a relatively flat start to trading on Wednesday, broadly speaking, and US futures suggest more of the same is to come.
“This period between Christmas and New Year is often very quiet, with politicians and central banks endeavouring to wrap everything up ahead of the holiday period. With the US having got tax reform over the line last week and kicked the budget issue back to January at the last minute, investors have been left with little to turn their attention to.
“News flow aside, trade during this week is often very thin with large numbers of people taking the week off and the lack of volatility we’ve seen so far isn’t exactly drawing traders back in. With the data calendar not looking particularly full over the coming days, I don’t hold much hope for conditions improving dramatically.”
In corporate news, Boeing advanced in pre-market trade after Morocco's Royal Air Maroc said it ordered four 787-9 Dreamliners valued at $1.1bn at list prices.
Apple was likely to be active following reports the technology giant is being sued for slowing down older iPhone models to compensate for poor battery performance.
Shares of Pareteum Corp surged ahead of the open following sharp gains in the previous session, when the company said it had “completed development enabling it to add support of Blockchain technology to its billing and settlement services”.
On the macroeconomic calendar, pending home sales data for November is due at 1500 GMT.