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.