Title: Stock Futures Retreat Ahead of Federal Reserve Meeting
Stock futures on Tuesday experienced a decline as investors awaited the outcome of the Federal Reserve’s two-day September policy meeting. Futures tied to the Dow Jones Industrial Average lost 68 points, equivalent to a 0.2% decrease, while S&P 500 futures slid 0.3%, and Nasdaq 100 futures slipped 0.4%.
During the previous session, the major stock averages exhibited a relatively flat performance. The S&P 500 managed to inch up by a mere 0.07%, while the Nasdaq Composite saw a minor gain of 0.01%. The Dow Jones Industrial Average also experienced a slight increase of 0.02%.
Traders and analysts widely believe that the Federal Reserve will refrain from raising interest rates during this week’s meeting. In fact, the probability of a rate hike being skipped currently stands at an overwhelming 99%. Looking ahead, market participants predict a modest 29% chance of a rate hike occurring in November.
Among the various sectors, energy emerged as the top performer, experiencing a gain of 0.7%. On the other hand, the consumer discretionary sector saw a decline of approximately 1%, making it the worst-performing sector.
In addition to monitoring the outcome of the Federal Reserve meeting, Wall Street will closely watch preliminary building permits and housing starts data for August. These figures will provide insights into the status of the housing market, a key indicator of the broader economy. Furthermore, investors will be keenly interested in the earnings release from AutoZone, which will shed light on the performance of the automotive retail industry.
As market participants await further guidance from the Federal Reserve, the stock market remains vigilant, anticipating any signs of potential policy changes.
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