YUMC - Nasdaq S&P 500 Futures Slide Ahead Of Fed Decision Economic Data: Analyst Tells Why November Could Herald 'Good News' | Benzinga
The see-sawing sentiment continues as index futures pull back ahead of the all-important rate decision from the Federal Reserve. Some negative earnings reports from companies, including Advanced Micro Devices, Inc. (NASDAQ:AMD) and Yum China Holdings, Inc. (NYSE:YUMC) could set off concerns about corporate profit growth.
Ahead of the Fed decision, traders get to digest a host of first-tier data on the job market and manufacturing sector. The spotlight is likely to be on the monetary policy statement of the Federal Open Market Committee and the press briefing by Chair Jerome Powell. Any hint at a timeframe for a reversal in the rate hikes could prove bullish for the market, although the chances of such an allusion are very remote, given the strength of some segments of the economy and the still-elevated inflationary pressure.
Cues From Tuesday's Trading
Stocks rebounded from the weakness seen in Tuesday’s morning session before beginning to reverse course and move higher by the mid-session. Mixed economic data and earnings and apprehensions ahead of the Fed decision all served to keep sentiment in check.
The Nasdaq Composite is now higher for a third straight session, while the S&P 500 Index and the Dow Industrials have gained for two consecutive sessions.
The buying interest, though muted, was broad-based, led by real estate, IT services, and financial stocks.
US Index Performance On Tuesday
Index Performance (+/-) Value
Nasdaq Composite +0.48% 12,851.24
S&P 500 Index +0.65% 4,193.80
Dow Industrials +0.38% 33,052.87
Russell 2000 +0.91% 1,662.28
Notwithstanding Tuesday’s gains, the Nasdaq Composite, S&P 500, and the Dow Industrials fell 2.8%, 2.2% and 1.4%, respectively for October. The averages have now recorded three straight monthly losses.
Analyst Color
Stocks declining ...