Traders Await Fed Minutes as US Equity Futures Post Narrow Gains Pre-Bell

08:51 AM EDT, 08/21/2024 (MT Newswires) -- US equity futures were cautiously higher before Wednesday's opening bell as traders looked ahead to

minutes from the last Federal Reserve meeting for clues about future monetary policy.

The Dow Jones Industrial Average futures gained 0.2%, S&P 500 futures increased 0.3%, and Nasdaq futures were up 0.2%.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.3% at $77.44 per barrel and US West Texas Intermediate crude up 0.3% at $73.39 per barrel.

The policy-setting Federal Open Market Committee is scheduled to release the minutes from its July 30-31 meeting at 2 pm ET. During the last meeting, the FOMC left the target range for the federal funds rate at 5.25% to 5.50%.

Fed Chair Jerome Powell and other central bank officials will gather this week for the annual economic symposium in Jackson Hole, Wyoming.

In other world markets, Japan's Nikkei closed 0.3% lower, Hong Kong's Hang Seng ended 0.7% lower, and China's Shanghai Composite finished 0.4% lower. Meanwhile, the UK's FTSE 100 gained 0.2%, and Germany's DAX index rose 0.6% in Europe's early afternoon session.

In equities, shares of Target Corporation (TGT) were 15% higher pre-bell after the retailer posted higher fiscal Q2 adjusted earnings and revenue and lifted its fiscal 2024 guidance. Bio-Path Holdings (BPTH) shares rose 22% after the company reported that a patient in its phase 1/1b trial of a solid tumor drug candidate experienced tumor reduction.

On the losing side, Macy's (M) shares fell 9% after reporting a drop in its fiscal Q4 revenue while cutting its fiscal 2024 revenue guidance. Aadi Bioscience (AADI) shares retreated 15% after the company unveiled planned job cuts and a halt to its tumor treatment trial.