scorecardresearch

US Stocks : Dow, S&P 500, Nasdaq futures tumble ahead of Fed meet

US stocks are falling ahead of the US Federal Reserve monetary policy statement scheduled on June 15.

US Stock Futures, Wall Street, stocks, Dow, S&P 500, Nasdaq
The latest downmove comes in the wake of steep losses on Wall Street that contributed to the worst drop in global shares last week since October 2020.

US stock market futures for all the three leading indices are in red with Dow, S&P 500, Nasdaq trading around 2.5 per cent lower on Monday. Dow is down by over 626 points while Nasdaq has cracked over 2.94 per cent ahead of the US Federal Reserve monetary policy statement scheduled on June 15.

The latest downmove comes in the wake of steep losses on Wall Street that contributed to the worst drop in global shares last week since October 2020.

Last week, US equities ended lower with Dow down by 2.73%, S&P 500 by 2.91% and Nasdaq lower by 3.52% while the Russell 2000 index posted a 2.73% decline.

The decline pushed S&P and Nasdaq to their worst weekly performances since January 2021.

FANMAGs, software, retail, banks, chemicals, machinery, airlines and biotech were among the worst performers.

China tech, precious metals, food, groceries, tobacco, healthcare were among the sectors that fared better.

Currently, inflation continues to rattle stock market investors. The US consumer price index rose 8.6% in May from a year earlier signalling a fresh 40-year high.

Most investors expect a 0.5 per cent Fed rate hike this week and again in July and September. With a 50 basis point hike seen as a given at the central bank’s policy decision Wednesday, market participants are awaiting its updated projections for the US economy, inflation and interest rates. According to Currency Desk, Emkay Global Financial Services – There are no any fresh triggers at this point in time, expect Fed to hike rates by 50bps as expected and surprise the markets by a 75 bps hike. If the Fed indeed hikes rates by more than 50 bps then they will take a pause in the September meeting.”

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

Most Read In Featured Stories