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Stock Market

Stocks - U.S. Futures Fall as Investors Look Ahead to G20

Investing.com – U.S. futures were lower on Friday, as minutes from the Federal Reserve showed the central bank is

Investing.com – U.S. futures were lower on Friday, as minutes from the Federal Reserve showed the central bank is set to increase rates and investors turned their attention to the upcoming G20 summit.

The S&P 500 futures fell 11 points or 0.43% to 2,732.25 as of 6:40 AM ET (11:40 GMT) while Dow futures dipped 126 points, or 0.50%, to 25,266.0. Meanwhile tech heavy Nasdaq 100 futures decreased 31 points, or 0.46%, to 6,881.75.

U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to meet on the sidelines of the G20 summit in Argentina, which kicks off later in the day.

The market was briefly encouraged by Trump’s comments on Thursday that he was close to doing “something” on trade with China, although he added that he wasn’t sure he wanted to.

Meanwhile, Fed meeting minutes released on Thursday showed the central bank is expecting to hike interest rates in December but future rate hikes would be dependent on data, making predictions more dicey.

The minutes were released a day after Fed Chairman Jerome Powell said that the current level of rates is “just below” neutral, which investors read as a sign that the pace of further hikes might be slower.

Splunk (NASDAQ:SPLK) was among the top gainers in pre-market trading, rising 2.82% after the software company beat estimates for the fourth year in a row.

Under Armour (NYSE:UAA) gained 1.70% after NBA’s player Steph Curry asked the company to market his signature basketball shoes to girls after a nine-year-old girl wrote to him asking for the shoes.

Elsewhere, GameStop (NYSE:GME) slumped 12% after the company slashed its full-year profit outlook, while General Electric (NYSE:GE) fell 3.65% and Facebook (NASDAQ:FB) inched down 0.43%.

In other commodities, gold futures declined 0.23% to $1,227.60 a troy ounce while crude oil futures decreased 1.38% to $50.74 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, rose 0.15% to 96.84.