Futures for the main stock indexes retreated before the market opened on Wednesday, continuing to fall after a tech selloff in the previous session. Minutes from the Federal Reserve\u2019s last meeting and earnings from big-name retailers could push them in either direction later in the day.<\/p>\n
Investors will be looking for insight into the Fed\u2019s thinking as expectations for an interest-rate cut solidify. There\u2019s an overwhelming consensus for a quarter-point move on Sept. 17, but the bigger question is what happens after that.<\/p>\n
As Fed Chair Jerome Powell prepares to speak in Jackson Hole, Wyoming on Friday, the market is almost evenly split on whether the Fed drops its benchmark by 0.25 point or 0.5 point by the end of the year. There\u2019s also a slim chance of no more moves at all, according to the CME FedWatch tool.<\/p>\n
Mass market retailers Target and TJX report earnings today, as does home improvement story Lowe\u2019s. Walmart, the biggest U.S. retailer by revenue, and Ross Stores release results tomorrow. Home Depot, which competes with Lowe\u2019s<\/a>, impressed investors by maintaining its guidance for the year, though it also warned that higher interest rates are discouraging Americans from moving.<\/p>\n Traders are also waiting to see what happens next in the Russia-Ukraine conflict. President Donald Trump is trying to broker a meeting between the leaders of the two countries, though it\u2019s not clear when or if<\/a> that will happen. Oil prices were slightly higher early in the day, with West Texas Intermediate trading up 1% at $63 a barrel.<\/p>\n