SPY - US Stock Futures Edge Higher Amid Cautious Optimism; Analyst Says How Fed Packages Sept. Pause Key For Market Direction | Benzinga
Stock futures point to a cautiously optimistic start on Monday as traders look ahead to the Federal Reserve’s interest rate decision due on Wednesday. The only notable piece of economic data for Monday is a housing market reading due after the market opens. Given a lack of any major cues, traders will likely stay focused on the bond yields, the direction of oil prices, and analysts’ take on the Fed decision.
Cues From Past Week's Trading:
Stocks closed little changed in the week ended Sept. 15, and traders reacted to a slew of catalysts, including data showing a slight pick up in inflation at both wholesale and retail levels, a spike in oil prices to a 10-month high, Arm Holdings plc‘s(NASDAQ:ARM) initial public offering, Apple, Inc. (NASDAQ:AAPL) iPhone launch event and strike threat by the United Auto Worker’s union.
The major averages showed a lack of clear direction as they swayed to these catalysts. The S&P 500 and the Nasdaq Composite indices fell for a second straight week, as the two averages pulled back to their lowest level since late August.
US Index Performance In Week Ended Sept. 15
Index Performance (+/-) Value
Nasdaq Composite -0.39% 13,708.33
S&P 500 Index -0.16% 4,450.32
Dow Industrials +0.12% 34,618.24
Russell 2000 -0.24% 1,847.03
Analyst Color:
All that matters this week is “how the Fed packages the expected pause,” said LPL Financial Chief Global Strategist Quincy Krosby. “Given the UAW strike with the potential for a substantial pay package, coupled ...