US Stocks Wall St set for volatile open after ECB moves

by **Cals** Thu 03 Dec 2015, 23:37

US Stocks

[size=28]Wall St set for volatile open after ECB moves

By Reuters / Reuters | December 3, 2015 : 10:57 PM MYT

BENGALURU (Dec 3): U.S. stocks looked set for a volatile start on Thursday, after the European Central Bank's interest rate cut and the extension of its stimulus program failed to impress investors.

The ECB cut its deposit rate by 0.1 percentage points to -0.3% and extended the asset-purchase program into 2017.

Wall Street closed sharply lower on Wednesday, following hawkish comments from Federal Reserve Chair Janet Yellen that hardened expectations of a U.S. interest rate hike this month.

Yellen expressed confidence in the U.S. economy and said she was "looking forward" to a rate hike that will be seen as a testament to the economy's recovery from recession. The Fed's next policy meeting is on Dec. 15-16.

Initial jobless claims for last week rose, but remained at levels consistent with a strengthening labor market. This comes ahead of Friday's employment report, which is expected to show that the U.S. economy added 200,000 jobs in November.

Friday's employment report is expected to show that the U.S. economy added 200,000 jobs in November.

Yellen may offer more clues on the near-term monetary policy outlook when she speaks to lawmakers at 10 a.m. ET (1500 GMT) on Thursday.

Investors also await October new orders for factory goods data, to be released at 1000 a.m. ET (1500 GMT) and which is expected to show an increase after falling for a second straight month in September.

S&P 500 e-minis were up 3.75 points or 0.18%, with 399,258 contracts traded. Nasdaq 100 e-minis were up 15.25 points or 0.32%, on volume of 65,787 contracts. Dow e-minis were up 13 points or 0.07%, with 67,151 contracts changing hands.

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