Equity futures rose slightly on Tuesday morning as Wall Street hoped to consolidate the rebound ahead of another Fed rate hike.
Futures tied to the Dow Jones Industrial Average rose 0.2%. Futures on the S&P 500 added 0.22% and the Nasdaq 100 added 0.27%.
The Federal Open Market Committee begins its September
At Tuesday’s meeting, central banks are expected to announce a 0.75 percentage point rate hike on Wednesday.
Stocks have tumbled in recent weeks as comments by Fed chairman Jerome Powell and the August CPI report have traders brace for even higher rates until inflation subsides.
Edward Jones investment strategist Angelo Kurkafas said: “I think a lot of work has been done in the past week to reset interest rate expectations.”
on Monday, during the trading session, stocks rose in the afternoon, breaking a two-day losing streak and recouping some of their recent losses.
The Dow Jones index rose by about 0.6%. The S&P 500 and Nasdaq Composite added about 0.7% and 0.8%, respectively.
But after the market closed, Ford said supply chain problems would cost the automaker an additional $1 billion. The company’s shares fell 4.5%.
Investors will have to take a fresh look at the housing market on Tuesday morning, according to August reports on housing commissioning and building permits.