M - Futures Static to Start Week Ahead of Next Fed Word

U.S. stock futures were little changed Monday as investors awaited this week's final Federal Reserve meeting of 2023 for any signals on when central bankers will begin to cut interest rates.

Futures for the Dow Jones Industrials dipped 19 points, or 0.1%, to 36,624.

Futures for the S&P 500 lost 4.75 points, or 0.1%, at 4,655.50.

Futures for the NASDAQ backpedaled 36.25 points, or 0.2%, to 16,272.50.

Macy's shares rallied 18% in the premarket on news the retailer has received a buyout offer for $5.8 billion.

On the earnings front, Oracle will report on Monday, while Adobe will post on Wednesday and big-box retailer Costco Wholesale on Thursday.

The Fed is expected to maintain the fed funds rate steady in the 5.25%-5.5% range. Chair Jerome Powell is also expected to reiterate his commitment to lowering inflation in his press conference on Wednesday. Already, the CME Group's FedWatch tool is indicating that markets are pricing in a 45% likelihood in March that the Fed will lower rates by 0.25 percentage points

In Japan, the Nikkei 225 gained 1.5% Monday, while in Hong Kong, the Hang Seng Index lost 0.8%.

Oil prices inched up nine cents to $71.14 U.S. a barrel.

Gold prices topped $5.40 to $2,009.10 U.S. an ounce.