Stock market today: live updates

Norman Ray
Norman Ray

Global Courant 2023-05-03 14:18:40

Traders work on the floor of the New York Stock Exchange (NYSE) on September 1, 2022 in New York City.

Spencer Plat | Getty Images

US stock futures rose Wednesday as investors looked ahead to the Federal Reserve’s latest policy decision.

Dow Jones Industrial Average Futures rose by 36 points, or 0.1%. S&P 500 And Nasdaq-100 futures increased by 0.13% and 0.16% respectively.

Ford engine beat analysts’ expectations on the top and bottom lines in the last quarter, as did the coffee chain Starbucks. However, both stocks fell in the premarket.

The Fed is scheduled to release its final policy announcement at 2 p.m. ET. Chairman Jerome Powell will also hold a press conference at 2:30 p.m. ET.

Data from the CME Group Fed Watch tool shows traders pricing in an 86% chance that the Fed will raise rates by 25 basis points. Wall Street will also look for clues as to whether the central bank will continue its rate hike campaign or pause hikes.

The announcement comes after a rough session for the market. The Dow, S&P 500 and Nasdaq all fell more than 1% on Tuesday. Lingering concerns about contagion in the regional banking sector weighed on markets following the collapse of First Republic Bank and subsequent takeover by JPMorgan.

“There’s still pain throughout the industry,” iCapital’s Anastasia Amoroso said Tuesday on CNBC’s “Closing Bell: Overtime.” And the reason why I think the bank’s action should really matter to the Fed is because, remember, at the last FOMC meeting Fed Chair Powell really gave us new metrics to watch. whether they’re going to raise interest rates or not. And that’s the magnitude of the credit tightening going on in the economy.”

The earnings season continues with CVS Health, Yum Brands and Spirit AeroSystems reporting results ahead of opening Wednesday.

Economically, traders are anticipating the latest ADP job numbers for April. Economists polled by Dow Jones expected an increase of 133,000 jobs last month.

S&P Global US Services PMI data for April is also expected. It is expected to show a reading of 53.7 last month, which is in line with the previous month. According to Dow Jones consensus estimates, April ISM non-manufacturing PMI data is expected to come in at 51.8. That is higher than the 51.2 value of the previous month.

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Stock market today: live updates

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