Stock futures were mixed on Wednesday as investors awaited clarity on President-elect Donald Trump's policy positions at an upcoming press conference.
S&P 500 futures were down 0.08%, Dow Jones Industrial Average futures rose 0.02%, and Nasdaq futures rose 0.02%.
President-elect Trump will hold a press conference at 11 a.m. EST at Trump Tower in New York, his first press conference since July. Trump is the first president-elect in at least 40 years to go so long without holding a press conference. Political pundits and investors alike hope Trump could shed some details on his plans for infrastructure spending, job growth, and trade.
Though his policy positions may be vague, Trump's election in November has lit a fire under stocks, particularly the Dow. Since the day after the election in November, the Dow has rocketed more than 8% higher on the hopes of higher construction spending in the U.S. and loosened regulations on Wall Street. The Dow last week came within a point of the 20,000 milestone before backing off.
Crude oil prices moved higher after two damaging days of trading. Crude settled at its lowest level in more than a month on Tuesday on worries over U.S. production. The U.S. Energy Information Administration on Tuesday increased its forecast for U.S. crude output this year to 9 million barrels a day, up from 8.78 million in its previous forecast. A weekly report on Friday showed U.S. drilling activity increase for the 10th consecutive week in a row.
West Texas Intermediate crude was up 0.6% to $51.13 a barrel on Wednesday morning.
Signet Jewelers (SIG) fell in premarket trading after reducing its profit and sales targets for the critical holiday season. The jewelry retailer anticipates fourth-quarter adjusted earnings of $4 to $4.05 a share, down from its previous high-end range of $4.20. Same-store sales are anticipated to have fallen 4.8% to 4.3%. The company said its underperformance was driven by weakness in its Sterling e-commerce business.
Supervalu (SVU) reported a disappointing quarter, swinging to a surprise loss and posting a drop in same-store sales. The grocery store chain reported a 5.7% drop in same-store sales, a sharper decline than an anticipated fall of 4.7%. Overall revenue fell 1.4% to $3 billion, falling short of $3.79 billion consensus.
American Airlines (AAL) climbed 1% in premarket trading after reporting December traffic numbers. Load factor slipped to 80.6% in December from 81.6% a year earlier, while traffic fell 0.8% and capacity increased 0.5%. The airline anticipates total revenue per available seat mile to come in flat to a 2% decline over the fourth quarter.
Exxon Mobil (XOM) was downgraded to market perform from outperform at Wells Fargo. The firm said the oiler trades at a premium valuation and will likely struggle to find attractively valued assets to acquire.