U.S. stock futures were a fraction firmer with traders wary ahead of the Federal Reserve rate decision and comments due midweek.
How are stock-index futures trading On Monday, the Dow Jones Industrial Average DJIA rose 6 points, or 0.02%, to 34624, the S&P 500 SPX increased 3 points, or 0.07%, to 4454, and the Nasdaq Composite COMP gained 2 points, or 0.01%, to 13710.
The central bank is fully expected by the market to leave interest rates at a range of 5.25% to 5.50% after its meeting on Wednesday, but traders are wary about accompanying guidance on any future hikes amid stubborn inflationary pressures — a concern that sees 10-year benchmark Treasury yields BX:TMUBMUSD10Y holding near their highest level since 2007.
The central bank will likely revise its growth expectations significantly higher on the back of resilient consumer spending and solid growth, and therefore “will certainly sound cautious and reasonably hawkish this week,” she said. “The so called dot plot will certainly point at another rate hike before the year end, and a higher median rate throughout next year,” Ozkardeskaya added.
“[A] palatable air of uncertainty engulfs global markets. While U.S. stocks and bonds have been treading water, oil prices are on the rise, which complicates the policy decisions of major central banks, including the Federal Reserve, ECB, and Bank of England,” said Stephen Innes, managing partner at SPI Asset Management. The European Central Bank raised rates by 25 basis points last week and the Bank of England is expected to do the same this Thursday.
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