Stocks are treading water as markets await the Federal Reserve’s rate decision and Powell’s remarks this afternoon. Investors widely expect the Fed to hold interest rates steady at 4.25%-4.5%, but the real focus is on the updated dot plot and Powell’s tone. A dovish lean could lift equities, while a hawkish message would likely trigger a pullback.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Tensions in the Middle East, particularly between Israel and Iran, have added geopolitical uncertainty. Oil prices initially spiked on fears of supply disruption through the Strait of Hormuz, but have since pulled back. This risk-off environment has pushed bond yields slightly lower and supported gold prices.
Volatility is slightly elevated ahead of the Fed and tomorrow’s Juneteenth holiday means today’s close could see added positioning moves. The market’s direction into the end of the week will depend heavily on how Powell frames inflation progress and whether the Fed hints at a September rate move.
In pre-market trading, S&P 500 futures rose 0.06%, Nasdaq futures rose 0.14% and Dow futures rose 0.04%.
Check out this morning’s top movers from around Wall Street, compiled by The Fly. Also check out The Fly’s right-to-the-point stock market reporting to YouTube with the new Fly By series.
HIGHER –
- Circle (CRCL) up 3% after Senate passes bill to set up stablecoin framework
- Scholar Rock (SRRK) up 3% after announcing results from the Phase 2 EMBRAZE proof-of-concept trial assessing apitegromab in combination with tirzepatide to preserve lean mass during tirzepatide-induced weight loss
UP AFTER EARNINGS –
DOWN AFTER EARNINGS –
LOWER –
- Sunrun (RUN) down 1% after RBC Capital downgraded the stock to Sector Perform with a price target of $5, down from $12
- Chemours (CC) down 1% after updating its Q2 outlook
- Zoetis (ZTS) down 1% after Stifel downgraded shares to Hold with a price target of $160, down from $165
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CRCL: