{"id":19614,"date":"2023-06-07T17:44:15","date_gmt":"2023-06-07T21:44:15","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/dow-futures-fall-just-10-pts-caution-ahead-of-upcoming-fed-meeting\/"},"modified":"2023-06-07T17:44:15","modified_gmt":"2023-06-07T21:44:15","slug":"dow-futures-fall-just-10-pts-caution-ahead-of-upcoming-fed-meeting","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19614","title":{"rendered":"Dow futures fall just 10 pts; caution ahead of upcoming Fed meeting"},"content":{"rendered":"
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\u00a9 Reuters <\/span>
\n<\/i>\n<\/div>\n

Investing.com — U.S. stocks are seen opening largely unchanged Wednesday, consolidating recent gains amid uncertainty over the global economic outlook ahead of next week\u2019s Federal Reserve policy-setting meeting.<\/p>\n

At 06:55 ET (10:55 GMT), the contract was down 10 points, or 0.1%, traded 2 points, or 0.1%, higher, while traded largely flat.<\/p>\n

The main Wall Street indices closed marginally higher Tuesday, with the broad-based adding 0.2% to its strongest level since August 2022. The tech-heavy gained 0.4%, registering its highest close this year, while the blue chip gained just 10 points.<\/p>\n

These gains follow last week\u2019s blowout rally on the back of the agreement to lift the U.S. debt ceiling and Friday\u2019s stellar .\u00a0<\/p>\n

The Organization for Economic Co-operation and Development lifted its forecast for global growth this year, expecting the world’s gross domestic product to expand by 2.7%, up slightly from its previous projection of 2.6%, citing lower energy prices and the re-opening of China\u2019s economy.<\/p>\n

However, when not including the pandemic-hit year of 2020, this would still be the lowest yearly rate since the 2008-2009 financial crisis, the OECD noted.<\/p>\n

And from China, released earlier Wednesday, showed that its contracted by more than expected in May, in a fresh sign of the headwinds facing the recovery of the world’s second-biggest economy.<\/p>\n

Additionally, there remains uncertainty over what the will decide to do with its interest rate-hiking cycle when it meets next week.<\/p>\n

Futures traders are putting the possibility of a pause at around 79%, though there is still an expectation the Fed could resume its rate hikes at the July meeting as inflation remains elevated.<\/p>\n

A pause would let policymakers assess the progress of their 10 rate increases since last year, bringing the Fed funds rate from near zero to over 5%.\u00a0<\/p>\n

In corporate news, Coinbase (NASDAQ:) stock rose 2% premarket, rebounding slightly from a sharp decline on Tuesday after the Securities and Exchange Commission sued the firm over operating an unlicensed exchange.\u00a0<\/p>\n

Stitch Fix <\/span><\/span> (NASDAQ:) stock gained over 7% after the online personal styling company reported better-than-expected third-quarter , while restaurant chain Dave & Buster\u2019s Entertainment (NASDAQ:) stock gained over 4% as its first-quarter impressed.<\/p>\n

The earnings season is coming to a close, but numbers are still expected Wednesday from the likes of spirits maker Brown Forman (NYSE:), packaged foods giant Campbell Soup <\/span><\/span> (NYSE:) and video game retailer GameStop (NYSE:).<\/p>\n

Oil prices reversed early losses Wednesday, as the positive OECD report overturned the weak sentiment generated by the weak Chinese trade data.<\/p>\n

Traders will also study the on weekly U.S. crude stocks, due later in the session, after released late Tuesday showed crude inventories shrank more than expected last week.<\/p>\n

By 06:55 ET, futures traded 1.1% higher at $72.56 a barrel, while the contract climbed 1.1% to $77.13.\u00a0<\/p>\n

Additionally, fell 0.1% to $1,978.75\/oz, while traded 0.2% higher at 1.0718.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Investing.com — U.S. stocks are seen opening largely unchanged Wednesday, consolidating recent gains amid uncertainty over the global economic outlook ahead of next week\u2019s Federal Reserve policy-setting meeting. At 06:55 ET (10:55 GMT), the contract was down 10 points, or 0.1%, traded 2 points, or 0.1%, higher, while traded largely flat. 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