Shutterstock photo(RTTNews.com) - Early indications suggest that U.S. stocks may open lower on Wednesday spooked by the recent rise in bond yields on expectations of a faster pace of interest rate increases from the Federal Reserve.
The Fed releases minutes of its Jan. 30-31 meeting later today as investors look for further insight on inflation and interest rates under new chairman Jerome Powell.
Prices of base metals remained under pressure and gold hit a one-week low as the dollar hit a one-week high versus a basket of major currencies.
Crude oil prices also moved sharply lower ahead of the release of U.S. inventory figures expected to show a rise in crude oil stockpiles in the week to Feb. 16.
Global cues remain mixed as investors keep a watch on climbing bond yields.
While Asian stock markets recovered from a weak start to close mostly higher, European shares are trading lower after the release of disappointing Eurozone private sector data. IHS Markit's composite output index dropped to 57.5 in February from 58.8 in the previous month.
Elsewhere, employment data from the U.K. painted a mixed picture of the labor market. Wages picked up but unemployment unexpectedly rose between October and December last year, suggesting that the Bank of England is less likely to raise rates anytime soon.
Back home, drugs major Merck announced a definitive agreement to acquire Viralytics Limited, an Australian company focused on oncolytic immunotherapy treatments for a range of cancers.
Responding to letter released by Carl Icahn and Darwin Deason on February 20, 2018, Xerox said that the letter was consistent with their misguided campaign to undermine Xerox's combination with Fuji Xerox.
3M announced the company and the State of Minnesota reached a resolution of the State's lawsuit against 3M related to certain PFCs present in the environment.
General Motors Co. has reportedly proposed investing $2.8 billion into its struggling South Korean operations over the next 10 years.
On the earnings front, Advance Auto Parts, Avis Budget Group, Boston Beer, Cheesecake Factory, Delphi Technologies, Garmin, Pandora Media, Roku and Wendy's are due to report their latest financial results today.
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