SNPS - US Stocks Poised For Lower Open As Fed Jitters Dampen Tech Hopes; Oil Rally Pauses Bitcoin Slides 8% | Benzinga
Interest-rate concerns seem to be impacting market sentiment as stock futures indicate a slightly lower opening on Tuesday. The Federal Reserve Open Market Committee meeting, spanning two days, commences on Tuesday, with outcomes expected on Wednesday. Earlier today, the Bank of Japan abandoned its longstanding negative interest rate policy, contributing to market jitters ahead of the Fed’s decision. With no major catalysts driving the market, pre-Fed session nerves may keep sentiment subdued.
Cues From Previous Session:
On Monday, a resurgence in tech stocks, fueled by Nvidia Corp.’s (NASDAQ:NVDA) GPU 2024 developer’s conference and potential partnerships involving Apple, Inc. (NASDAQ:AAPL) and Alphabet, Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), bolstered market sentiment.
The major indices opened higher and maintained positive momentum throughout the session, ending the day in positive territory. This reversal snapped a three-session losing streak, although the indices remain below their record highs.
However, small-cap stocks lagged behind, with the Russell 2,000 Index closing lower for the third consecutive session.
Within the S&P sectors, communication services stocks led the gains, while healthcare and real estate sectors experienced modest weakness.
Index Performance (+/-) Value
Nasdaq Composite +0.82% 16,103.45
S&P 500 Index +0.63% 5,149.42
Dow Industrials +0.20% 38,790.43
Russell 2000 -0.72% 2,024.74
Analyst Color:
Sam Millete, director of fixed income at Commonwealth Financial Network, said “The Fed is going to be taking a lot of the oxygen out of the room this week… It’s going to be a really interesting meeting because markets don’t expect any interest rate changes at this meeting and in fact ...