Stock market today: futures higher after hawkish comments from the Federal Reserve
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- US futures were trading higher ahead of the opening bell on Wednesday.
- The S&P 500 and Nasdaq look set to end their losing streak following hawkish comments from the Fed.
- Brent Crude prices steadied as investors await Israel's response to Iran's weekend drone attack.
US futures looked set too open higher after a day of hawkish comments from Fed officials on Tuesday.
S&P 500 futures were up 0.22% shortly before 5 a.m. ET, while Nasdaq 100 futures rose 0.12%. Dow Jones Industrial Average futures gained 0.33%, in line Tuesday's rise that broke a six-day losing streak.
The S&P 500 and Nasdaq both closed lower on Tuesday, marking the third straight day of declines for both indexes.
Brent crude oil dipped 0.36% in pre-market trading. Prices shot up last week to more than $90 a barrel in anticipation of Iran's attack on Israel, but have fallen as traders continue to wait on Israel's response.
Yields on ten-year Treasury notes fell slightly on Wednesday after climbing to a five-month high. Federal Reserve Chair Jerome Powell's hawkish comments on rate cuts had triggered the surge in yields.
He hinted at further delays, saying that it "would take longer than expected" for the Fed to feel confident about taming inflation.
Fed vice-chair Philip Jefferson added that "if incoming data suggests that inflation is more persistent than I currently expect it to be, it will be appropriate to hold in place the current restrictive stance of policy for longer" in another dampening of rate cut hopes.
The Fed is due to release the Beige Book — an indicator of regional economic conditions — later on Wednesday.
US Bancorp reports quarterly earnings, as will transportation and real estate giant CSX.