U.S. stock futures on Tuesday pointed to a weak finish to a strong month ahead of a key Federal Reserve rate decision and more corporate earnings.
What’s happening On Monday, the Dow Jones Industrial Average DJIA fell 261 points, or 0.77%, to 33717, the S&P 500 SPX declined 53 points, or 1.3%, to 4018, and the Nasdaq Composite COMPdropped 228 points, or 1.96%, to 11394.What’s happening On Monday, the Dow Jones Industrial Average DJIA fell 261 points, or 0.77%, to 33717, the S&P 500 SPX declined 53 points, or 1.3%, to 4018, and the Nasdaq Composite COMP dropped 228 points, or 1.96%, to 11394.
“We doubt that the Fed will deliver a dovish surprise at its meeting, but the imminent end of interest rate hikes is nevertheless positive for risk appetite,” said Willem Sels, global chief investment officer at HSBC Global Private Banking & Wealth. “That said, the main beneficiaries lie outside of the U,S,, in emerging markets, where borrowing costs are already declining as U.S. Treasury yields have peaked and the dollar is falling.
The U.S. dollar index is down 11% from its late September peak. The yield on the 10-year Treasury has fallen nearly 70 basis points from its late October peak of 4.23%. The economics calendar includes the employment cost index, an important though lagging measure of wage pressure.
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