By Oliver Gray
Investing.com - Stock futures lifted in Tuesday’s overnight trading as investors braced for further rate hikes from Federal Reserve policymakers as they move to tame surging inflation pressures.
All eyes will be on the Federal Reserve’s interest rate decision today as the Federal Open Market Committee concludes its two-day meeting, with some analysts expecting a 0.75% increase following last week’s hotter than expected inflation reading and worsening economic outlook.
During Tuesday’s regular trade, the S&P 500 tumbled 0.4% to 3,735.48, the Dow Jones Industrial Average dropped 151.9 points or 0.5%, to 30,364.83 while the NASDAQ Composite rose 0.2% to finish at 10,828.4.
Travel-related stocks finished lower as Delta Air Lines Inc (NYSE: DAL ) fell 2.6%, American Airlines Group (NASDAQ: AAL ) dropping 2.8%, United Airlines Holdings Inc (NASDAQ: UAL ) lost 0.1%, Expedia Inc (NASDAQ: EXPE ) dipped 4.1% and Norwegian Cruise Line Holdings Ltd (NYSE: NCLH ) fell 3.7%.
Technology companies lifted slightly, with Microsoft Corporation (NASDAQ: MSFT ) up 0.9%, Alphabet Inc (NASDAQ: GOOGL ) adding 0.3%, Apple Inc (NASDAQ: AAPL ) gaining 0.7% and Tesla Inc (NASDAQ: TSLA ) up 2.4%.
On the bond markets, United States 10-Year yields surged to 11-year highs of 3.475%.
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