U.S. stock futures dipped on Tuesday as hawkish Fed chatter continued to weigh on sentiment.
How are stock index futures trading On Monday, the Dow Jones Industrial Average DJIA fell 113 points, or 0.34%, to 33518, the S&P 500 SPX declined 3 points, or 0.08%, to 3892, and the Nasdaq Composite COMP gained 66 points, or 0.63%, to 10636.How are stock index futures trading On Monday, the Dow Jones Industrial Average DJIA fell 113 points, or 0.34%, to 33518, the S&P 500 SPX declined 3 points, or 0.08%, to 3892, and the Nasdaq Composite COMP gained 66 points, or 0.63%, to 10636.
A 300 point gain for the Dow Jones Industrial Average was wiped out and then some on Monday after two Fed officials, San Francisco Fed President Mary Daly and Atlanta Fed President Raphael Bostic, said they thought the central bank will need to raise interest rates above 5%. “The euphoria around Friday’s jobs data faded on Monday, when Fed officials came up and said that the Fed rates will go above the 5% level and stay there for some time,” wrote Ipek Ozkardeskaya, senior analyst at Swissquote Bank in a morning bulletin.
That switch from away from riskier assets is continuing in early Tuesday action, with traders warily eyeing a speech by Fed Chair Jerome Powell in Sweden, due at 9 a.m. Eastern, and then the consumer price index report on Thursday and the start of the fourth quarter company earnings season on Friday.
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