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Wall Street shares nudge higher ahead of the bell

Last updated: 23:54 29 Mar 2016 AEDT, First published: 18:54 29 Mar 2016 AEDT

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US markets were relatively flat in the pre-market trading as investors reserved judgement until after today’s key speech by Federal Reserve chair Janet Yellen.

S&P 500 futures edged up by 2 points to 2,030.75, while Dow Jones Industrial Average futures inched higher by 5 points. The tech-heavy Nasdaq 100 futures gained 7 points, or 0.2%, to 4,397.

It is seen as important following “recent surprise moves into hawkish territory by a number of Fed officials,” according to Accendo Market’s Michael van Dulken.

Her tone on the state of the US economy, and any clues on the timing of the next Fed interest rate hike, will likely have an impact on the markets.

In company news, retail giant Wal-Mart Stores Inc (NYSE:WMT) has won a legal battle over a proposed new tax in Puerto Rico.

A federal judge threw out the tax, which would have taken more than 100% of the company’s profits from its stores on the island, and called it unlawful.

Conversely, SunEdison Inc (NYSE:SUNE) is being investigated by the U.S. Securities and Exchange Commission (SEC) it emerged on Tuesday.

The SEC is looking into whether the solar company inflated its liquidity last year when it reported that it had more than $1bn in cash, according to reports.

Shares, which have fallen 75% since the start of the year, were 38% lower in pre-market trading.

In other news, pharma company Keryx Biopharmaceuticals (NASDAQ:KERX) could be a big mover after the bell as it said its drug to treat iron deficiency anemia in chronic kidney disease patients has passed late stage clinical trial milestones.

It means the treatment could be fast tracked for an expanded approval of the treatment. Shares were more than 20% higher in pre-market trading.

 

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