U.S. stock futures edged higher early Wednesday, as investors looked forward to the Federal Reserve’s interest rate announcement. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 0.12%, 0.07%, and 0.09%, respectively, at 5:03 a.m. EST, March 19.
Tuesday’s trading session saw a significant downturn, ending a two-day winning streak. The Dow Jones, the S&P 500, and the Nasdaq Composite (NDAQ) dropped 0.6%, 1%, and 1.7%, respectively.
In major stock market news, Tesla (TSLA) declined 5.3% after RBC Capital Markets lowered its price target on the stock due to concerns about rising competition in the electric vehicle sector and TSLA’s self-driving technology. Also, BigBear.ai (BBAI) was down 14.9% after it disclosed a delay in its 10K filing.
Investors are now focused on the central bank’s interest rate decision. While the Fed is expected to maintain current interest rates, market participants are closely monitoring the Fed’s updated economic projections and rate policy outlook.
The Fed’s forecasts for interest rates, GDP, inflation, and unemployment will provide key insights into the central bank’s assessment of the economy and its future policy direction. This data holds importance given the current market uncertainty.
Meanwhile, the U.S. 10-year treasury yield was up, floating near 4.291%. Simultaneously, WTI crude oil futures are trending lower, hovering near $66.45 per barrel as of the last check.
Elsewhere, European indices opened lower today ahead of the Bank of England and U.S. Fed’s interest rate decisions.
Asia-Pacific Markets Ended Mixed on Wednesday
Asia-Pacific indices were mixed today as investors awaited the outcome of the Federal Reserve’s policy meeting.
At the same time, China’s Shanghai Composite and Shenzhen Component indices declined 0.1% and 0.32%, respectively. Also, Japan’s Nikkei index was down 0.25%, while the Topix index was up 0.45%. Further, Hong Kong’s Hang Seng Index gained 0.12%.
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