Stock Market Update

The stock market is poised for a lower opening, with the S&P 500 futures currently trading 16 points below fair value. 

Following confirmation that the U.S. government will take a 9.9% stake in Intel (INTC 25.26, +0.46, +1.9%), National Economic Council Director Kevin Hassett said in a CNBC interview that President Trump wants to create a U.S. sovereign wealth fund, with it possible that the government will take stakes in additional companies.

Mr. Hasset said the government will not be interfering in Intel's operations and noted that the government is not in the business of picking winners and losers.

Separately, Mr. Hasset supports Fed Chairman Powell's "pivot" on rates and expects that it will be a few more months before President Trump decides on a new Fed Chair nominee.