U.S. stocks were poised to open lower Wednesday as the Organisation for Economic Co-operation and Development (OECD) cut its forecast for global economic growth.
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Investors also will be watching for the Labor Department report Wednesday on worker productivity and any hints that the months-long trade negotiations between the U.S. and China will reach a successful conclusion.
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The Dow Jones Industrial Average futures were off 0.05 percent and the S&P 500 futures were down 0.11 percent. The Nasdaq Composite was hovering around a negative 0.02 percent.
The OECD cut expected global economic growth for 2019 by 0.2 percentage points to 3.3 percent.
Shares of Johnson & Johnson were higher in premarket action after the FDA approved its potentially blockbuster antidepressant Spravato.
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| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 25806.63 | -13.02 | -0.05% |
| SP500 | S&P 500 | 2789.65 | -3.16 | -0.11% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7576.361 | -1.21 | -0.02% |
In Europe, stocks were broadly flat in late morning trading. In Asia, Chinese stocks led markets higher on hopes for new stimulus measures. The Shanghai Stock Exchange was up 1.6%, Hong Kong’s Hang Seng Index gained 0.3% and Japan’s Nikkei was down 0.6%.
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Investors will watch closely as official trade data from the U.S. is published later Wednesday. Economists surveyed by The Wall Street Journal forecast the trade deficit widened to $56.9 billion in December.
The Associated Press contributed to this report.
