US Stock Futures Inch Lower but Dow 20,000 Still Within Striking Distance

New York (Dec 21)  Stock futures moved mostly lower on Wednesday, though the Dow Jones Industrial Average's 20,000 milestone was still within reach.

S&P 500 futures were down 0.1%, Dow futures were flat, and Nasdaq futures declined 0.1%.

The came close to capturing the historic 20,000 level on Tuesday but a lack of forward momentum put it within agonizing reach without pushing it over the edge. Still, the blue-chip index was able to clinch a new record close, alongside the Nasdaq.

The Dow has moved higher in response to optimism over President-elect Donald Trump's proposed spending plans. Trump's administration, viewed as Wall Street friendly, has already backed deregulation, infrastructure spending and tax cuts.

Crude oil prices moved higher on Wednesday after a weekly reading on oil inventories from the American Petroleum Institute showed a decline of 4.1 million barrels in the U.S. Official data from the Energy Information Administration will be released mid-morning on Wednesday.

Oil prices have seen a choppy few days as worries resurfaced over whether major oil-producing nations could adhere to a recent production cut agreement. Organization of Petroleum Exporting Countries recently agreed to cut output to 32.5 million barrels a day, a limit to go into effect in January. However, OPEC's output remains at record highs with just two weeks left in the year. OPEC members have to cut production by more than 1 million barrels a day.

West Texas Intermediate crude for January delivery was up 0.2% to $52.22 a barrel.

In earnings news, Nike (NKE) rose nearly 3% in premarket trading after topping analysts' estimates on its top- and bottom-lines. The footwear and apparel retailer earned 50 cents a share, 7 cents higher than anticipated, while a sales increase of 6% exceeded estimates. Futures orders, a closely watched metric of future performance, rose just 2%, more than half off analysts' forecasts.

Source: TheStreet