Dow Futures Higher Ahead of Fed’s Interest Rate Decision

  • Stock Market News
Dow Futures Higher Ahead of Fed’s Interest Rate Decision
Credit: © Reuters.

By Oliver Gray - 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.

By 6:45pm ET (10:45pm GMT) Dow Jones Futures were up 0.2%, S&P 500 Futures gained 0.3% and Nasdaq 100 Futures were up 0.4%.

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.

Shares of Oracle Corporation (NYSE: ORCL ) popped 10.4% after reporting a better than expected earnings beat, citing a “major increase in demand” among its infrastructure cloud business.

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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