S&P 500 futures are little changed ahead of the Federal Reserve’s September meeting this week

Traders work on the floor of the New York Stock Exchange during afternoon trading on September 13, 2022 in New York City.

Michael M. Santiago | Getty Images News | Getty Images

S&P 500 futures were little changed Sunday night after the major averages posted their worst week since June and ahead of the Federal Reserve̵[ads1]7;s two-day meeting this week.

Futures linked to the broad market index were flat in pre-market trading. Dow Jones Industrial Average futures were 0.1% higher, while Nasdaq 100 futures fell 0.1%.

On Friday, stocks fell as investors reacted to a warmer-than-expected inflation report and a gloomy warning from FedEx about a “significantly deteriorating” global economy. The Dow industrials fell 139 points, while the S&P 500 lost 0.7% and the Nasdaq Composite fell 0.9%.

Investors are focused on the Fed’s two-day meeting, which starts on Tuesday. The central bank is expected to raise interest rates by another three-quarters, although investors are also looking for guidance on corporate earnings before the next reporting season starts in October.

“With the S&P 500 hovering below the key 3,900 level and the 10-year Treasury yield inching closer to 3.5%, the Fed-sensitive 2-year Treasury note is flirting with 3.9%, suggesting the Fed’s aggressive campaign to killing off inflation needs to be taken seriously,” said Quincy Krosby, chief strategist for LPL Financial. “The canary in the coal mine may not be dead yet, but probably struggling to breathe.”

Beyond the Fed meeting, there are only a few economic data releases this week, including August housing starts on Tuesday and initial jobless claims on Thursday.

There are also a handful of corporate earnings on deck, including Costco, Darden Restaurants, General Mills and Lennar.

— CNBC’s Patti Domm contributed reporting.

Source link

Back to top button