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US STOCKS-S&P 500 index futures edge lower; Fed speakers in focus
November 12, 2013 / 12:55 PM / 4 years ago

US STOCKS-S&P 500 index futures edge lower; Fed speakers in focus

* China vows ‘decisive’ role for markets, results by 2020

* Regional Fed presidents Kocherlakota, Lockhart due to speak

* Futures mixed: Dow up 22 pts; S&P down 2.8 pts; Nasdaq off 7.25 pts

NEW YORK, Nov 12 (Reuters) - The S&P 500 index futures edged lower on Tuesday, a day after the Dow hit a record closing high as investors shifted focus to how soon the Federal Reserve may begin reducing stimulus.

* Investors were awaiting a number of Federal Reserve speakers including Minneapolis Fed President Narayana Kocherlakota and Atlanta Fed President Dennis Lockhart, who are due to speak in the early afternoon.

* Earlier, Dallas Federal Reserve President Richard Fisher said in an interview with CNBC the Federal Reserve’s monetary stimulus program cannot continue forever.

* The speculation that the Fed could soon begin to taper its $85 billion-a-month in bond buying has grown since last week’s surprisingly strong U.S. jobs data.

* China unveiled a plan to broaden economic reforms but this did little in lifting global shares. China’s leaders promised to deepen economic reforms and let markets play a bigger role in resource allocation in a new policy blueprint announced at the end of a four-day meeting of key officials from the ruling Communist Party.

* S&P 500 futures fell 2.8 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 22 points while Nasdaq 100 futures lost 7.25 points.

* News Corp could be in spotlight, a day after the company reported a steeper-than-expected 3 percent decline in revenue in its first quarter as a standalone company, as weakness at its Australian newspapers took its toll.

* Europe’s shares meanwhile were edging down from the five-year highs seen last week as low volumes and a disappointing run of corporate earnings results encouraged many investors to book some of the gains made in this year’s strong rally.

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