What you need to know before the US open
US markets are expected flat today, as investors await minutes from the Federal Reserve.
The notes from its last meeting will be released later, with investors hoping they’ll provide further indication of how quickly the bank will raise interest rates.
Earlier, data showed mortgage applications fell for the third week in a row last week. A 4.9 per cent drop in applications by homeowners to refinance their mortgages drove the overall decline of 1.6 per cent.
Meanwhile, European shares have been gaining today, following the losses seen so far this week, with carmakers leading the way.
Corporate news
Aluminium giant Alcoa saw better-than-expected earnings in the first quarter, gaining 2.6 per cent in pre-market trading. Its adjusted profit dropped, however, because of falling aluminium prices.
GM shares shed 2.4 per cent after it was fined for failing to supply information on defective ignition switches on time.
And Intuitive Surgical Inc saw shares plummet 11.4 per cent before the opening bell after reporting disappointing first-quarter revenues.
Data in focus
• 7.00pm: US FOMC minutes