Stock Futures – Stocks slip ahead of Fed and inflation update
U.S. equity markets slipped ahead of the Federal Reserve’s latest policy decision.
|I:DJI||DOW JONES AVERAGES||34189.63||-109.70||-0.32%|
|I:COMP||NASDAQ COMPOSITE INDEX||14058.949619||-13.91||-0.10%|
The Federal Reserve will conclude its two-day meeting Wednesday. The central bank is not expected to make any policy changes, and instead, investors will be paying close attention to any hints to possibly altering its asset purchase program or interest rates in the future.
The decision, along with the Fed’s updated projections, will cross the wires at 2 p.m. ET with Chairman Jerome Powell’s press conference following shortly thereafter.
In other economic news, housing starts rose 3.6% to a seasonally adjusted annual rate of 1.572 million last month, the Commerce Department said on Wednesday. April’s reading was revised lower to 1.517 million from 1.569 million. Economists surveyed by Refinitiv had expected housing starts to rise to 1.63 million.
|XHB||SPDR SERIES TRUST SPDR S&P HOMEBUILDERS ETF||71.24||-0.61||-0.85%|
|XLF||FINANCIAL SELECT SECTOR SPDR ETF||36.90||-0.35||-0.95%|
|(BA)C||(BA)NK OF AMERICA CORP.||40.83||-0.58||-1.40%|
|JPM||JPMORGAN CHASE & CO.||154.03||-1.09||-0.70%|
Elsewhere, Oracle Corp. reported earnings and revenue that exceeded Wall Street estimates but gave disappointing guidance for the current quarter as it plans to boost investments in its cloud-computing business.
|GM||GENERAL MOTORS CO.||61.51||+0.64||+1.05%|
|F||FORD MOTOR CO.||14.94||-0.10||-0.63%|
Meanwhile, Johnson & Johnson will likely miss its COVID-19 supply target for the European Union, an EU Commission spokesperson said.
|JNJ||JOHNSON & JOHNSON||165.04||+0.56||+0.34%|
Meal-kit maker Blue Apron Holdings Inc. will share more common stock. The size of the offering was undisclosed.
|APRN||BLUE APRON HOLDINGS||4.30||-1.22||-22.10%|
In commodities, West Texas Intermediate crude oil ticked up 3 cents to $72.15 a barrel and gold rose $2.90 to $1,859.30 an ounce.
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Overseas markets were mixed.
Asian markets were lower across the board with China’s Shanghai Composite declining 1.08%, Hong Kong’s Hang Seng index sliding 0.7% and Japan’s Nikkei 225 losing 0.51%.