Dow Futures Tick Higher After Indices Post Their Worst Week Since June
U.S. stock futures were trading slightly higher during Sunday’s evening deals, after major benchmark indices posted their greatest weekly losses in 3 months, with investors remaining cautious amid persistent inflation fears ahead of Federal Reserve’s two-day meeting and rate decision later this week.
By 7:10pm ET (11:10pm GMT) Dow Jonas Futures and S&P 500 Futures were up 0.2% apiece, while Nasdaq 100 Futures were flat at 11,862.7.
Ahead of the week, market participants will be closely focused on the Federal Reserve’s interest rate decision following a hotter-than-expected CPI reading boosted expectations for a third consecutive 0.75% rate hike, lifting Fed Funds rate to a target range of 3% to 3.25%.
Investors will also be monitoring building permits and existing home sales, as well as the S&P Global Composite PMI and initial Jobless claims on Thursday.
On the corporate earnings front, companies including Darden Restaurants Inc (NYSE: DRI), Costco Wholesale Corp (NASDAQ: COST), General Mills Inc (NYSE:GIS) and Lennar Corporation (NYSE: LEN) are slated to release results.
During Friday’s trade, the Dow Jones Industrial Average fell 139.4 points or 0.5% to 30,822.4, the S&P 500dipped 28 points or 0.7% to 3,873.3 and the NASDAQ Composite lost 104 points or 0.9% to 11,448.4.
On the bond markets, United States 10 Years yields were at 3.451%.