US pre-open: Futures mixed as traders digest Powell comments

(Sharecast News) - Wall Street futures were mixed ahead of the bell as market participants zeroed in on Treasury yields and comments from the central bank's chairman following what was an eight-day winning streak for the broader market. As of 1220 GMT, Dow Jones futures were up 0.04%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.12% and 0.28% lower, respectively.

The Dow closed 220.33 points lower on Thursday after Federal Reserve chairman Jerome Powell told markets he was "not confident" that the central bank has done enough to fight inflation just yet.

"The Federal Open Market Committee is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2% over time; we are not confident that we have achieved such a stance," he said.

Bond yields were also in focus prior to the opening bell, with the yield on the benchmark ten-year note trading slightly higher at 4.628%, while its two-year counterpart was a touch lower at 5.029%.

On the macro front, a preliminary reading of the University of Michigan's November consumer sentiment index will be published at 1500 GMT.

In the corporate space, Trade Desk shares plunged almost 30% in pre-market trading after the digital advertising firm issued weak fourth-quarter revenue guidance, while shares in hydrogen fuel cell company Plug Power were down approximately 25% after posting a deeper-than-anticipated third-quarter loss and revenues that fell short of expectations.





Reporting by Iain Gilbert at Sharecast.com