Dow Futures Higher Ahead of Fed’s Interest Rate Decision
By Oliver Gray
Investing.com - Stock futures lifted in Tuesday’s overnight trading as investors braced for further rate hikes from Federal Reserve policymakers as they move to tame surging inflation pressures.
By 6:45pm ET (10:45pm GMT) Dow Jones Futures were up 0.2%, S&P 500 Futures gained 0.3% and Nasdaq 100 Futures were up 0.4%.
All eyes will be on the Federal Reserve’s interest rate decision today as the Federal Open Market Committee concludes its two-day meeting, with some analysts expecting a 0.75% increase following last week’s hotter than expected inflation reading and worsening economic outlook.
During Tuesday’s regular trade, the S&P 500 tumbled 0.4% to 3,735.48, the Dow Jones Industrial Average dropped 151.9 points or 0.5%, to 30,364.83 while the NASDAQ Composite rose 0.2% to finish at 10,828.4.
Shares of Oracle Corporation (NYSE:ORCL) popped 10.4% after reporting a better than expected earnings beat, citing a “major increase in demand” among its infrastructure cloud business.
Travel-related stocks finished lower as Delta Air Lines Inc (NYSE:DAL) fell 2.6%, American Airlines Group (NASDAQ:AAL) dropping 2.8%, United Airlines Holdings Inc (NASDAQ:UAL) lost 0.1%, Expedia Inc (NASDAQ:EXPE) dipped 4.1% and Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) fell 3.7%.
Technology companies lifted slightly, with Microsoft Corporation (NASDAQ:MSFT) up 0.9%, Alphabet Inc (NASDAQ:GOOGL) adding 0.3%, Apple Inc (NASDAQ:AAPL) gaining 0.7% and Tesla Inc (NASDAQ:TSLA) up 2.4%.
On the bond markets, United States 10-Year yields surged to 11-year highs of 3.475%.
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