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Wall Street Pauses as Fed Meeting Looms: Futures Hold Steady

U.S. stock futures were little changed on Tuesday as investors awaited the start of the Federal Reserve’s final policy meeting of the year. The Dow Jones Industrial Average, S&P 500, and Nasdaq futures all hovered near flat, reflecting a cautious mood across Wall Street. The Fed is widely expected to keep interest rates unchanged, but traders are focused on Chair Jerome Powell’s comments and the central bank’s updated economic projections. Markets are looking for clues on when rate cuts might begin in 2024, with inflation cooling but still above the Fed’s long-term target. Recent gains in equities have been fueled by optimism that the Fed’s tightening cycle is over, yet uncertainty remains about how quickly monetary policy will shift toward easing. Until then, investors appear content to hold their positions, waiting for clearer signals from the Fed before making bold moves.
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Techs lead the way as US stock futures climb, setting the S&P 500 on track for a fresh record high


US stock futures climbed on Friday, setting the S&P 500 on track for a fresh record high as a tech-led rally gave a lift to a market weighed down by uncertainty over the odds of an early interest rate cut. The Nasdaq 100 futures jumped 0.7%, eyeing a return to gains notched Thursday as Apple and chipmakers outperformed. S&P 500 futures rose 0.4%, while Dow Jones Industrial Average futures put on 0.2%.

The market is still closely watching for cues to the timing of rate cuts, which could set the tone for corporates this year. The focus has turned to big tech to potentially kickstart a lagging stock market, now that the key drivers of the late 2023 rally have waned. Thursday’s tech-led surge in stocks put the S&P 500 within 0.3% of its all-time closing high of 4,796.56 and snapped a three-day losing streak for the Dow.

In individual stocks, iRobot shares tanked over 38% after a report that EU regulators plan to block Amazon’s $1.4 billion acquisition of the Roomba maker. Meanwhile, investors were assessing Macy’s announcement that it is cutting 2,350 jobs and closing five stores. Quarterly results from Travelers, Regions Financial, and other banks are on the earnings docket Friday. In economic updates, a December reading on existing home sales is due, as well as a look at consumer sentiment from the University of Michigan.


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