Dipo Olowookere
By Investors Hub
Stocks are poised for an advance at the start of Wednesday’s trading, bouncing back from the profit taking recorded in the previous session.
U.S. stocks fell on Tuesday, snapping a long winnings streak, as weakness emerged in the energy and banking sectors. Markets were in a cautious mood after data showed U.S. consumer confidence unexpectedly fell in May, the second consecutive monthly decline.
The Dow Jones Industrial Average lost 50.81 points, or 0.2%, at 21,029.47, as banks struggled. The S&P 500 index finished down 2.91 points, or 0.1%, at 2,412.91, and the Nasdaq Composite Index closed down 7.00 points, or 0.1%, at 6,203.19.
Later today, traders will get additional economic news. The Chicago PMI report is set to be released. This will provide a look at business activity in the Chicago area.
Separately, the latest reading on the pending home sales index is slated to come out as well. The index, released by the National Association of Realtors, tracks contracts for home sales that have been signed but have not yet closed. This is seen as a leading indicator of home sales.
Markets will also get an update on the Federal Reserve. The Fed is scheduled to release its so-called Beige Book, a compilation of information about the central bank’s various regional districts.
