Traders work on the New York Stock Exchange trading floor during early trading on April 29, 2024 in New York City.
Michael M. Santiago | Michael M. Santiago Getty Images News | Getty Images
S&P 500 futures fell late Tuesday as investors awaited the Federal Reserve’s interest rate policy decision.
Futures tied to the broader market index fell 0.26%, while Nasdaq 100 futures fell 0.50%. Dow Jones Industrial Average futures fell 16 points, or 0.04%.
In after-hours trading, Amazon The company’s shares rose more than 2% as first-quarter profit and revenue beat expectations.chip manufacturer Advanced Micro Devices Shares fell about 8% after releasing its revenue forecast for the current quarter, while super microcomputer The company fell 13% as revenue came in slightly below Wall Street consensus estimates.
During Tuesday’s main trading session, Dow Chemical and S&P 500 Index Both shed more than 1%.High-tech Nasdaq Index down 2%. Bond yields rose sharply after a higher-than-expected employment cost index in the first quarter, rekindling concerns that the Federal Reserve will keep interest rates high.
All three major stock indexes performed poorly this month, with the S&P 500 and Nasdaq both down more than 4% in April. The Dow Jones fell 5%, its worst monthly performance since September 2022.
Traders are currently eyeing the Federal Reserve’s interest rate decision on Wednesday afternoon.The market generally expects the central bank to keep interest rates stable Fed Funds Futures Pricing DataWall Street will be looking to Federal Reserve Chairman Jerome Powell for clues on what needs to be done before interest rates fall.
“The concern is that the Fed is definitely going to be slower to cut rates,” said Sam Stovall, chief investment strategist at CFRA. “They realize that inflation is still pretty tricky. I think they just want to take more of a ‘wait and see’ approach.” Attitude, wait for the inflation data to start to fall again.”
Several noteworthy earnings reports are also scheduled for release on Wednesday. Pfizer, Kraft Heinz and CVS Health will report quarterly results before the bell. Qualcomm and DoorDash will release reports Wednesday afternoon.
About The Author
