June 13, 2016 / 11:32 AM / 2 years ago

US STOCKS-Futures lower on global concerns, impending Fed meet

* Futures down: Dow 58 pts, S&P 6.5 pts, Nasdaq 21 pts

By Yashaswini Swamynathan

June 13 (Reuters) - U.S. stock index futures were lower on Monday as investors scurried to safe haven assets ahead of a Federal Reserve policy meeting starting Tuesday.

* The Federal Reserve Open Market Committee (FOMC) will meet for two days to decide when to raise interest rates for the second time in nearly a decade.

* While Fed Chair Janet Yellen had been dropping hints of a rate hike most of last month, shockingly weak May hiring data and the impending UK vote have forced her to tone down her message.

* Banks, which stand to benefit most if the Fed raises interest rates, were lower in premarket trading on Monday. Bank of America was down 1.6 percent while Citigroup and JPMorgan were off 0.5 percent.

* Yellen is expected to hold a press conference after the meeting on Wednesday.

* Traders have reduced the odds of a hike this month to less than 1 percent and one in July to 33 percent, according to CME Group’s FedWatch tool.

* Britain is set to decide on remaining in the European Union on June 23, hampering the value of the pound against the dollar.

* Oil prices started the week in the red, falling nearly 1 percent after traders booked profits and the dollar’s strength increased.

* Gold prices hit their highest since mid-May as investors sought the safe haven asset.

* An attack in Orlando, Florida, where a gunman killed over 50 people at a nightclub, added to the dour mood.

* Wall Street closed lower on Friday in volatile trading, with the S&P and Nasdaq marking losses for the week over looming global economic uncertainty and higher oil prices.

* Agios Pharmaceuticals rose 11.2 percent to $56 in premarket trading on Monday after J.P.Morgan Securities raised rating to “overweight”.

Futures snapshot at 7:27 a.m. ET:

* Dow e-minis were down 58 points, or 0.32 percent, with 7,324 contracts changing hands.

* S&P 500 e-minis were down 6.5 points, or 0.31 percent, with 171,563 contracts traded.

* Nasdaq 100 e-minis were down 21 points, or 0.47 percent, on volume of 10,929 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Don Sebastian)

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