Wall Street futures muted as investors await key GDP report
Wall Street futures were subdued on Tuesday as investors awaited the year’s final major economic data, which could influence expectations for potential interest rate cuts next year.
The preliminary U.S. GDP data, delayed by a government shutdown, is scheduled for release at 8:30 a.m. ET. Analysts expect the economy to have grown at an annualized 3.3% rate in the third quarter, driven by strong consumer spending and business investment. Economists note that the data is likely to confirm a K-shaped economy, where higher-income households prosper while middle- and lower-income groups see slower growth, News.Az reports, citing Reuters.
Consumer confidence data for December is also due later in the day. Traders are pricing in at least two 25-basis-point rate cuts next year, with an 18% chance of the first cut in January.
At 07:16 a.m. ET, Dow E-minis were down 32 points (0.07%), S&P 500 E-minis fell 3 points (0.04%), and Nasdaq 100 E-minis dropped 12.25 points (0.05%). All three major indexes are set for their third consecutive yearly gain.
Precious metals stocks extended gains in premarket trading after gold and silver hit all-time highs amid a weakening dollar and geopolitical tensions. The Global X Silver Miners ETF rose 1.4%, and top gold miner Newmont gained 1.1%.
Meanwhile, U.S. military shipbuilder Huntington Ingalls surged 5.1% after President Trump announced plans for a new “Trump class” of battleships, which he said would be larger, faster, and “100 times more powerful” than previous models.
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