Catalyst Dearth Caps Wall Street Pre-Bell; Asia Up, Europe Off

Wall Street futures edged lower pre-bell Wednesday as traders reviewed Middle East turmoil, rich tech-sector valuations and awaited fresh catalysts.

In the futures, the S&P 500 fell 0.2%, the Nasdaq declined 0.4% and the Dow Jones was off 0.2%.

Federal Reserve Chairman Kevin Warsh is slated to appear on policy panel at the European Central Bank's annual forum in Portugal, at 9 am ET.

Asian exchanges traded unevenly higher overnight on tech strength, while European bourses tracked moderately lower midday on the continent.

FMC (FMC) traded up 6.1% pre-bell after the agriculture and chemical concern said it has agreed to sell $400 million of stock at $13.30 a share to the Belgium-based Tessenderlo Group, giving it a 20% stake in FMC.

General Mills (GIS) plans to report earnings pre-bell, among others.

On the economic calendar is the weekly MBA mortgage applications bulletin at 7 am ET, followed by the ADP employment report for June at 8:15 am.

The weekly jobless claims report logs at 8:30 am, followed by the final S&P Global manufacturing purchasing managers index (PMI) for June at 9:45 am.

The ISM manufacturing index for June, and the construction spending bulletin for May, post at 10 am.

The weekly EIA petroleum status report follows at 10:30 am.

In pre-market action, bitcoin traded at $58,644, West Texas Intermediate crude oil traded down 1.1% at at $68.77 a barrel, and 10-year US Treasuries offered 4.46%. Spot gold commanded $3,992 an ounce.

By Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

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