S&P futures tilt higher with Fed minutes in view

Spencer Platt Stock index futures are a little higher Wednesday as investors await a last batch of economic data ahead of Thanksgiving. S&P futures (SPX) +0.2%, Nasdaq 100 futures (NDX:IND) +0.3% and Dow futures (INDU) +0.1% are up a little. Volume is traditionally low as investors get a jump on holiday travel. The 10-year Treasury yield (US10Y) is down 1 basis point to 3.75% and the 2-year yield (US2Y) is up 1 basis point to 4.53%. The minutes of the last Fed meeting, where the FOMC hiked by another 75 basis points, arrive this afternoon. “The Federal Reserve will be publishing the minutes of the last meeting, which raised rates by 0.75 percentage points in accordance with Fed Chair Powell’s relentless ‘hike, hike, hike’ tactic,” UBS’ Paul Donovan said. “There are signs that some members of the FOMC are questioning this Pavlovian policy, with comments hinting at a slowing in the pace of tightening.” Before the bell, October durable goods orders arrive. Economists expect a 0.4% rise for the month, with core orders up 0.1%. “US October durable goods orders data comes as the slowdown in consumer durable goods demand is producing rapid price deflation,” Donovan said. Weekly jobless claims come at the same time, with the forecast for a small rise to 225K. After the start of trading, October new home sales are on tap. Economists predict a drop in the rate to 570K. The final Michigan sentiment November figure is due at the same time. Among active stocks, Deere is up after beating on the top and bottom lines.