U.S. stock futures edged higher early Monday as traders awaited the Federal Reserve’s interest rate meeting scheduled for Wednesday. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.14%, 0.14%, and 0.15%, respectively, at 3:11 a.m. EST on September 15.
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During Friday’s regular trading session, the three major indexes closed mixed. The S&P 500 and Dow Jones fell 0.05% and 0.59%, respectively, as investors took profits from some of the week’s top performers. Meanwhile, gains in select large-cap stocks lifted the Nasdaq 100 to its fourth consecutive record high, closing up 0.44%.
Last week, all three major indexes ended higher on expectations of a potential rate cut. The Dow climbed 0.95%, the S&P 500 added 1.59%, marking its fifth positive week in six, and the Nasdaq 100 advanced 1.86% for a second straight weekly gain.
This week, all eyes will be on the Federal Open Market Committee (FOMC) meeting scheduled for Wednesday, where the Fed’s interest rate decision will be announced. Signs of a slowing job market and easing inflation have fueled expectations for a rate cut, with experts predicting a 96% probability of a 25-basis-point reduction.
There are no major economic reports scheduled for today.
The earnings season is largely over, but a few notable companies are set to report results this week, including General Mills (GIS), FedEx (FDX), Lennar (LEN), and Darden Restaurants (DRI).
Meanwhile, the U.S. 10-year Treasury yield was up, floating near 4.07%. WTI crude oil futures were trending higher, hovering near $62.98 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price decreased to nearly $3,681 per ounce on Monday.
Elsewhere, European stocks opened higher on September 15, as markets awaited a week filled with policy meetings and interest rate decisions from both the U.S. Federal Reserve and the Bank of England (BOE).
Asia-Pacific Markets Traded Mixed Today
Asia-Pacific markets traded mixed on Monday as investors assessed the outcome of a high-profile meeting between the U.S. and Chinese officials in Spain on Sunday. The parties discussed key national security, economic, and trade issues, as well as the potential extension of the U.S. ban on the Chinese video-sharing app TikTok.
Hong Kong’s Hang Seng index gained 0.24%. In China, the Shanghai Composite dropped 0.26%, while the Shenzhen Component rose 0.09%. Meanwhile, Japan’s markets were closed on Monday in honor of “Respect for the Aged Day.”
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