Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
Stock futures remained relatively unchanged this morning as Wall Street prepares for the Federal Reserve’s two-day policy meeting. Futures for the Dow Jones Industrial Average and the S&P 500 were nearly flat, while the Nasdaq 100 futures saw a minor decline of 0.1%. Ankur Crawford, a portfolio manager at Alger, commented on the market’s recent behavior, noting increased volatility. On CNBC’s “Closing Bell”, Crawford mentioned challenges in China’s recovery from Covid and signs of pressure on the U.S. consumer, leading to “choppier markets” that are impacting the tech sector.
The Federal Reserve is not anticipated to increase rates this week. According to the CME Group’s FedWatch tool, traders have priced in a 99% likelihood that the central bank will refrain from a rate hike. As of early Tuesday, the probability of a rate hike in November stands at just 29%.
On Monday, six out of the 11 major S&P sectors ended positively, with energy leading at a 0.7% gain. In contrast, consumer discretionary was the lowest-performing sector, dropping around 1%. Today is set to review a modest amount of economic data, including preliminary building permits for August and housing starts. AutoZone is also scheduled to announce its earnings.
Tuesday Economic Events:
Housing Starts and Permits 8:30am ET – High Volatility Expected
Redbook Sales 8:55am ET
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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