SPY - Nasdaq S&P 500 Futures Edge Higher As Traders Bet On Fed Pause: Analyst Says Relief Rally Could Be In The Cards | Benzinga
Trading in stock futures reflects the cautious sentiment of traders as they await a key rate decision from the Federal Reserve, which is widely expected to deliver a hawkish pause. Stocks could tread water until the rate decision and a pause, in line with expectations, could jumpstart a rally. The dot-plot curve, which is released along with the summary of economic projections and the tone of Fed Chair Jerome Powell at the press conference, could set the tempo for the rest of the session.
Cues From Tuesday's Trading:
Stocks were pressured on Tuesday by a surge in bond yields, elevated oil prices, and anxiety about the Fed decision. The major averages opened lower and languished in the red throughout the session before closing modestly lower.
Most S&P sectors, except for healthcare and IT services stocks, moved lower for the session.
US Index Performance On Tuesday
Index Performance (+/-) Value
Nasdaq Composite -0.23% 13,678.19
S&P 500 Index -0.22% 4,443.95
Dow Industrials -0.31% 34,517.73
Russell 2000 -0.42% 1,826.53
Analyst Color:
The Fed meeting is likely to offer a positive surprise even if the outcome is in line with expectations, said Fund Strat’s Tom Lee. The deduction is based on his view ...