Traders work on the ground of the New York Stock Exchange throughout afternoon buying and selling on September 13, 2022 in New York City.
Michael M. Santiago | Getty Images News | Getty Images
S&P 500 futures have been barely lower on Monday morning after the main averages posted their worst week since June and ahead of the Federal Reserve’s two-day meeting this week.
Futures tied to the broad market index have been down 0.21% in premarket buying and selling. Dow Jones Industrial Average futures have been 0.14% lower, whereas Nasdaq 100 futures fell 0.46%.
On Friday, shares slid as buyers reacted to a hotter-than-expected inflation report and a dismal warning from FedEx a couple of “significantly worsened” international financial system. The Dow industrials dropped 139 factors, whereas the S&P 500 misplaced 0.7% and the Nasdaq Composite shed 0.9%.
Investors are centered on the Fed’s two-day meeting, which is able to start Tuesday. The central financial institution is predicted to lift rates of interest by one other three-quarters of a degree, although buyers are additionally looking ahead to steering about company earnings earlier than the subsequent reporting season begins in October.
“As the S&P 500 hovers below the all-important 3,900 level, and the 10-year Treasury yield inches ever closer to 3.5%, the Fed-sensitive 2-year Treasury note flirts with 3.9%, suggesting that the Fed’s aggressive campaign to kill off inflation is to be taken seriously,” stated Quincy Krosby, chief international strategist for LPL Financial. “The canary in the coal mine may not yet be dead, but is probably struggling to breathe.”
Beyond the Fed meeting, there are only a few financial information releases this week, together with August housing begins on Tuesday and preliminary jobless claims on Thursday.
There are additionally a handful of company earnings on deck, together with Costco, Darden Restaurants, General Mills and Lennar.
—CNBC’s Patti Domm contributed reporting.