Premarket trading was mixed on Wall Street early today, according to the Associated Press, as pessimism continues to rise over the timing of a potential interest rate cut in the U.S. Futures for the S&P 500 gained 0.4% before the bell, while futures for the Dow Jones Industrial Average hovered between small gains and losses.
Speculation has been growing that the Federal Reserve may wait longer than traders expect to begin cutting interest rates after jacking them drastically higher over the past two years. Lower rates would relax the pressure on the economy and financial system while also boosting prices for investments.
Shares of Discover Financial Services skidded 10.6% before the bell after the credit card issuer badly missed fourth-quarter profit forecasts. Discover said its provision for credit losses — money used to cover defaults — nearly doubled to $1.9 billion last year as consumers struggle to pay off balances amid elevated interest rates.
In energy trading, benchmark U.S. crude rose 10 cents to $72.46 per barrel. Brent crude, the international standard, added 20 cents to $77.68 per barrel.
In currency trading, the U.S. dollar inched down to 147.82 Japanese yen from 148.11 yen.
