Investing.com - US stock futures inch up after a solid set of economic figures contributed to a slide in equities in the previous session. More data on Wednesday could give further insight into the state of the US labor market, while comments from Federal Reserve Governor Christopher Waller will be monitored by investors on the lookout for clues about the central bank's monetary policy plans.
Markets are now anticiating the Fed will slash borrowing costs by 37.5 points by the end of the year, with the first drawdown not expected until July.Further economic figures are due out on Wednesday, including labor market data that could provide further clarity on potential Fed monetary policy. Investors will likely be keeping tabs on a speech from Fed Governor Christopher Waller on Wednesday, as well as minutes from the rate-setting Federal Open Market Committee's latest meeting, for any more indications on the central bank's policy trajectory.Exxon Mobil has warned that a decline in oil refining profits, along with weak returns from across its operations, would dent its fourth-quarter income by around $1.75 billion versus the prior three-month period.
The company is now expected to deliver a profit of $1.76 a share in the fourth quarter, slipping from $2.48 per share a year ago, according LSEG data cited by Reuters. These earnings would be well below analysts' consensus estimates, Reuters reported.) flagged that it will book a charge of $1.3 billion in the fourth quarter related to permits in Germany and the US.
If confirmed by upcoming official data, it would be the second straight week of draws for inventories, reflecting increased travel during the year-end holiday season.