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US STOCKS-S&P 500, Nasdaq set to open higher; Home Depot to pressure Dow

Published 11/12/2019, 15:08
Updated 11/12/2019, 15:09
© Reuters.  US STOCKS-S&P 500, Nasdaq set to open higher; Home Depot to pressure Dow
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* Home Depot falls on weak 2020 sales growth forecast

* Fed decision awaited at 2 p.m. ET

* Futures: Dow off 0.10%, S&P 500 up 0.14%, Nasdaq up 0.25%

(Adds comments, updates price action)

By Arjun Panchadar and Shreyashi Sanyal

Dec 11 (Reuters) - The S&P 500 and Nasdaq indexes were set

to open slightly higher on Wednesday, with investors awaiting

the Federal Reserve's decision on monetary policy, while losses

in Home Depot looked set to pressure the Dow Jones index.

The Fed is widely expected to keep interest rates steady in

its last policy statement, due at 2:00 p.m. ET (1900 GMT).

Investors are also awaiting Fed Chair Jerome Powell's outlook on

the economy when he holds a news conference later in the day.

"Obviously the Fed isn't going to change rates and my sense

is that they are pretty happy where they are right now," said

Scott Brown, chief economist at Raymond James in St. Petersburg,

Florida.

Stocks have stalled so far in December after three straight

months of gains as a combination of year-end fatigue,

uncertainty over U.S.-China trade talks and global growth

concerns has weighed on markets.

At 8:44 a.m. ET, Dow e-minis 1YMcv1 were down 29 points,

or 0.1%. S&P 500 e-minis EScv1 were up 4.25 points, or 0.14%

and Nasdaq 100 e-minis NQcv1 were up 20.75 points, or 0.25%.

Trump has just days to decide whether to impose levies on

nearly $160 billion in Chinese goods. "The cautionary thing is that we've seen these bits of news

and eventually had tariffs raised. So we are definitely not out

of the woods on trade policy," Brown said.

The White House's top economic and trade advisers are

expected to meet in coming days with Trump over the decision, a

source told Reuters, though a final decision has not been made.

Also slated for this week is the European Central Bank

meeting on Thursday, along with general elections in Britain.

The blue-chip Dow Jones Industrial Average index .DJI was

set to open lower, with Home Depot Inc HD.N falling 1.7% in

premarket trading.

The home improvement chain forecast fiscal 2020 sales growth

below Wall Street expectations, weeks after lowering its 2019

sales forecast.

Tesla Inc TSLA.O gained 1% on a Reuters report that the

electric carmaker planned to increase prices of imported Model 3

cars in China in January.

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