A new month of trading is set to kick off with losses, as markets wait to hear from the Federal Reserve, whose two-day policy meeting wraps up Wednesday.
U.S. stock futures pointed to a lower open for Wall Street on Wednesday, as a new month of trading was set to kick off with a Federal Reserve policy decision, data including a private-sector payrolls report and plenty more company results.
How are stock-index futures trading? On Tuesday, the Dow industrials DJIA climbed 368.95 points, or 1.1%, to end at 34,086.04, the S&P 500 SPX gained 58.83 points, or 1.5%, to finish at 4,076.60, and the Nasdaq Composite COMP gained 190.74 points, or 1.7%, ending at 11,584.55. Given markets have ignored Powell’s protests before on that topic, “it is tough to see how he makes a strong impression unless taking drastic measures like hiking the policy rate 50 basis points,” said the Saxo Bank strategy team, in a note to clients.
“Incoming data, starting with the upcoming ISM’s and the Friday jobs and earnings data, may weigh more in the pricing of the Fed policy rate from here,” added Saxo.
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