US STOCKS-Futures up marginally; Yellen in focus

lunes 6 de junio de 2016 07:28 GYT
 

* Futures up: Dow 29 pts, S&P 2.25 pts, Nasdaq 7 pts

By Yashaswini Swamynathan

June 6 (Reuters) - U.S. stock index futures inched higher on Monday as investors await Federal Reserve Chair Janet Yellen's speech after a shockingly weak jobs report all but killed the prospects of an interest rate hike this month.

* Yellen, who recently signaled that the recovering economy could support a rate hike as soon as June, will speak before the World Affairs Council in Philadelphia at 12:30 p.m. ET (1630 GMT).

* Expectations for the next Fed rate hike were pushed back to at least July or later after U.S. May non-farm payrolls data on Friday showed employers added only 38,000 jobs in May, far below expectations of 164,000.

* Many traders suspect Yellen might craft her message to keep expectations for a July hike alive. The speech is likely to be her last before the Fed enters a media blackout period ahead of the its monetary policy meeting on June 14-15.

* Yellen speech will be assessed to see whether the Fed views the weak jobs data as an anomaly or if it reflects a broader slowing of the labor market.

* Traders are now pricing in an only 3.8 percent chance of a rate hike this month, while the odds of a July hike have slumped to 30 percent, from 49 percent before the jobs report, according to CME Group's FedWatch tool.

* Wall Street closed lower on Friday weighed down by bank stocks, after the dismal jobs report.   Continuación...