Dow Futures Little Changed as Indices Slip Ahead of Fed Rate Decision
By Oliver Gray
Investing.com - U.S stock futures were little changed during Tuesday’s evening deals after major benchmark averages retreated during the regular session as traders braced for a further interest rate increase from Federal Reserve policymakers, while long term bond yields surged.
By 7:10pm ET (11:10pm GMT) Dow Jones Futures, S&P 500 Futures and Nasdaq 100 Futures were each trading flat.
In extended deals, Stitch Fix (NASDAQ:SFIX) fell 1.5% after the company reported earnings results, posting losses of 89 cents per share on revenues of $481.9 million, down 16% from the same period a last year.
Ahead in Wednesday’s session, market participants will be expecting the third consecutive 75 basis point rate hike from the Federal Reserve hike after a higher-than-expected consumer price index reading in August, while existing home sales will also be closely monitored.
On the earnings front, General Mills Inc (NYSE:GIS), Lennar Corporation (NYSE:LEN), KB Home (NYSE:KBH) and Steelcase Inc (NYSE:SCS) are set to report results.
During Tuesday’s session, the Dow Jones Industrial Average fell 313.45 points or 1% to 30,706.2, the S&P 500 dipped 44 points or 1.1% to 3,855.9 and the NASDAQ Composite fell 1% to 11,425.1.
On the bond markets, United States 10-Year rates were at 3.569%, the highest levels since April 2011.
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