Before the bell: Futures drift lower after Fed's statement, Cisco, Toyota climb - Melly Alazraki

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Before the bell: Futures drift lower after Fed's statement, Cisco, Toyota climb
Nov 05, 2009 12:40 PM UTC

Melly Alazraki

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Filed under: Before the bell, International markets, Cisco Systems (CSCO), Toyota Motor Corp. (TM), Market matters, Economic data, Federal Reserve

U.S. stock futures drifted a little lower Thursday morning following Wednesday's Federal Reserve's statement that it was keeping rates at record low levels. However, earnings from tech giant Cisco accompanied by an upbeat outlook could give a boost to tech. Also this morning, investors will watch as retail chain-stores report October sales.

On Wednesday, Wall Street ended mixed and relatively flat after the Federal Reserve decided to keep rates steady. While conceding the economy has picked up, policymakers said this was not enough to hike interest rates, saying an increase will instead depend on when the labor market and inflation pickup. Given that there have been no inflationary pressures and that unemployment is expected to rise, the dollar weakened yesterday and short-term Treasury yields fell. The Fed also cautioned consumer spending would remain strained. Of course, the market would have liked to see a stronger show of confidence.

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Before the bell: Futures drift lower after Fed's statement, Cisco, Toyota climb originally appeared on BloggingStocks on Thu, 05 Nov 2009 07:40:00 EST. Please see our terms for use of feeds.

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