Traders work on the floor of the New York Stock Exchange (NYSE) on July 26, 2023.
Brendan McDermidt | Reuters
Stock futures retreated modestly on Tuesday as Wall Street prepared for the start of the Federal Reserve’s two-day September policy meeting.
The future is bound Dow Jones Industrial Average Lost 30 points or 0.1%. S&P 500 futures fell 0.1% Nasdaq 100 futures fell 0.2%.
Major averages are mostly coming from a flat session S&P 500 increased by 0.07%. The Nasdaq Composite Gained 0.01% in 30-shares Dow Up 0.02% or 6.06 points.
“The overall market is feeling a little bit tighter than we’ve seen in the first nine months of the year,” Ankur Crawford, Alger’s portfolio manager, said on CNBC’s “Closing Bell” on Monday. “China, it has to work and Covid comes out … the US consumer is still showing signs of a little bit of stress. So we’re going to markets that are not boring and that’s basically falling into technology.”
The Fed is not expected to raise rates this week, with traders expecting the Fed to avoid a hike with a 99% probability. CME Group’s FedWatch tool, Pricing Fed Fund Futures. Traders were betting on a 29% rise in November early Tuesday.
Six of the 11 major S&P sectors led the Monday session with gains of 0.7%. Consumer discretionary was the worst performing sector, falling 1%.
Wall Street sifted through a small batch of economic data on Tuesday, with preliminary building permits for August and housing starts earlier in the hour. Autonomous zone Scheduled to report earnings before
