UKX FTSE 100 Index

By Mark DeCambre, MarketWatch

U.S. stock benchmarks were poised to open near unchanged Thursday amid ongoing turmoil surrounding Britain's attempt at an orderly exit from the European Union, which may prove a source of turbulence for Wall Street. Investors also digested late Wednesday comments from Federal Reserve Chairman Jerome Powell for clues on monetary policy

How did the benchmarks fare?

Futures on the Dow Jones Industrial Average are virtually unchanged at 25,042 while S&P 500 index futures are also flat at 2,698. Nasdaq-100 futures climbed 14 points, or 0.2%, to 6,780.

On Wednesday, the Dow fell 205.99 points, or 0.8% to 25,080.50, its fourth decline in row, the longest such streak since Aug. 13, according to FactSet data.

The S&P 500 index dropped 20.6 points, or 0.8%, to 2,701.58 and the Nasdaq Composite Index shed 64.48 points, or 0.9%, to 7,136.39.

What drove the market?

U.K. Prime Minister Theresa May's leadership and her plans for an organized exit from the European Union are being called into question less than 24 hours after she said she had received the approval of her cabinet for a draft Brexit plan. On Thursday, Brexit Secretary Dominic Raab resigned, followed by cabinet minister Esther McVey. A so-called hard Brexit, where Britain leaves the European trade bloc in March without a trade pact in place could lead to turbulence across the broader financial world, market participants worry.

Meanwhile, Fed Chairman Jerome Powell said the U.S. faced global headwinds but that he was "very happy about the state of the economy," (http://www.marketwatch.com/story/powell-says-hes-optimistic-about-economy-as-he-notes-concerns-from-abroad-2018-11-14) in a public discussion with Dallas Fed President Robert Kaplan late-Wednesday. The markets are attuned to the Fed boss's thoughts, in light of growing fears of policy makers making a mistake as they attempt to normalize interest rates.

Read:Fed rate hikes are now 'hurting asset prices,' says billionaire investor Ray Dalio (http://www.marketwatch.com/story/fed-rate-hikes-are-now-hurting-asset-prices-says-billionaire-investor-ray-dalio-2018-11-15)

What data and speakers are in focus?

What are strategists saying?

"A rebound attempt is shaping up as the futures point to a higher opening ahead of key macro data and turmoil in Great Britain over the Brexit deal," wrote Peter Cardillo, chief market economist at Spartan Capital, in a Thursday note.

Which stocks were in focus?

Cisco Systems Inc. (CSCO) shares were in focus after the networking giant's earnings topped Wall Street estimates (http://www.marketwatch.com/story/cisco-stock-rises-after-earnings-top-expectations-2018-11-14) and executives projected confidence in the face of tariffs.

JPMorgan Chase & Co.'s stock (JPM)was also active (http://www.marketwatch.com/story/jp-morgans-stock-jumps-after-warren-buffetts-berkshire-hathaway-adds-11-stake-2018-11-15) after a public filing showed that Warren Buffett's Berkshire Hathaway (BRKA)(BRKA) took a new stake in the U.S.'s largest bank. Shares of Oracle Corp. (ORCL) are also on the rise in premarket trade, up 3.6% on the news that Berkshire upped its stake in the firm.

J.C. Penney Co. Inc. (JCP) shares are sinking more than 13% in Thursday premarket trading, after the department store retailer reported third-quarter sales (http://www.marketwatch.com/story/jc-penney-shares-sink-115-after-sales-miss-2018-11-15) missed that expectations.

Walmart Inc. (WMT) reported a third-quarter adjusted profit (http://www.marketwatch.com/story/walmart-reports-q3-adj-profit-beat-revenue-miss-2018-11-15)beat and revenue miss early Thursday. The retailer's stock is up 0.7% before the bell.

Shares of NetApp Inc. (NTAP) are falling more than 7% in premarket trade Thursday, after missing revenue expectations for the fiscal second quarter.

How are other markets trading?

European stocks are broadly lower Wednesday, as investors overseas digest the decision by U.K. Brexit Minister Dominic Raab, following the approval of a Prime Minister Theresa May's Brexit plan, which Brexit proponents said failed to meet their expectations. The FTSE 100 is down 0.2%, while the FTSE 250 is falling 1.5%. The Stoxx Europe 600 is also falling on the news, down 0.7%.

Asian markets were mixed, with the Nikkei closing lower Thursday, while Chinese stocks were broadly higher.

Crude oil is up 0.5%, while the U.S. dollar has risen 0.4%. Gold is also higher, rising 0.5% Thursday.

(END) Dow Jones Newswires

November 15, 2018 09:12 ET (14:12 GMT)

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