SPY - Wall Street On Pins And Needles As Market Braces For Fed's Decision: Analyst Says Size And Speed Of Rate Cuts Will 'Frustrate Investors' | Benzinga
The market appears poised for further gains on Wednesday, building on the strength of the S&P 500 and Nasdaq Composite, which hit record highs in the previous session.
Index futures are trading modestly higher in early pre-market trading. However, the sustainability of these gains and potential for further upside hinges largely on two key events: the upcoming inflation report due before the market opens and the Federal Reserve‘s June rate decision, along with commentary regarding the near-term interest rate trajectory. Investors will be hanging on to every word from Fed Chair Jerome Powell when he hosts the post-meeting press conference shortly after the rate decision.
Positive sentiment generated by Oracle Corp.’s (NYSE:ORCL) earnings may also provide support for tech stocks. While bond yields remained subdued, commodities prices firmed up.
Futures Performance (+/-)
Nasdaq 100 +0.13%
S&P 500 +0.14%
Dow +0.13%
R2K +0.08%
In premarket trading on Wednesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.14% to $537.72, and the Invesco QQQ ETF (NASDAQ:QQQ) traded up 0.14% at $468.66, according to Benzinga Pro data.
Cues From Previous Session:
Stocks closed Tuesday’s session on a mixed note as tech strength mitigated jitters about the Fed’s rate decision. Apple, Inc. (NASDAQ:AAPL) led the tech charge, in apparently a late reaction to ...