Stocks set to fall for a second day as Fed meeting kicks off

U.S. stocks were set to open slightly lower Tuesday morning as investors braced for the start of a two-day Federal Reserve policy meeting.

Around 7:15 a.m. ET, Dow Jones Industrial Average futures fell 59 points, indicating a loss of 58 points at the open. S&P 500 and Nasdaq were also marginally lower.


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The Fed is set to kick off its meeting on Tuesday with an announcement scheduled for Wednesday at 2 p.m. ET. Fed Chairman Jerome Powell is set to hold a news conference after the central bank’s policy announcement.

Market expectations are for the Fed to cut rates for the second time this year. However, expectations for the Fed to keep rates unchanged have risen to 34.2% from 7.7% a week ago, according to the CME Group’s FedWatch.

Wall Street ended lower on Monday amid ongoing fears over a potential increase in oil prices, after drone strikes in Saudi Arabia. U.S. President Trump said he is not in a rush to respond to the attacks. Monday’s decline snapped an eight-day winning streak for the Dow.

U.S. crude futures skyrocketed more than 14% on Monday, their biggest one-day gain since December 2008, after the attack. Energy stocks got a boost from the higher oil prices, with the sector gaining 3.41%.

Investors will be looking ahead to a new business leaders survey, due at 8:30 a.m. ET; industrial production numbers will be out at 9:15 a.m.; and the housing market index due at 10 a.m. ET.

Source: cnbc.com | Original Link

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