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Stocks - U.S. Futures Fall Ahead of Fed Decision

Stock MarketsNov 08, 2018 06:54AM ET
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© Reuters. U.S. futures pointed to a lower open on Wall Street

Investing.com - U.S. futures pulled back on Thursday, as investors turned their focus to the Federal Reserve’s latest policy decision later in the session.

The S&P 500 futures fell 13 points or 0.46% to 2,803.50 as of 6:52 AM ET (11:52 GMT) while Dow futures were down 81 points, or 0.31%, to 26,101.0. Meanwhile tech heavy Nasdaq 100 futures decreased 45 points, or 0.63%, to 7,173.0.

While the Fed is not expected to increase rates, traders will look for any new signs of the central banks plans for hikes in December and beyond. The Fed releases its statement at 2:00 PM ET (19:00 GMT) and is likely to indicate economic growth will keep it on track for one more rate hike before the end of the year.

The chance of a price increase in December is priced in around 77.6%, according to Investing.com’s Fed Rate Monitor Tool.

Meanwhile, one of the last waves of earnings season continues with reports from dozens of companies.

Walt Disney Company (NYSE:DIS), Yelp Inc (NYSE:YELP), Dropbox Inc (NASDAQ:DBX), Hertz Global Holdings Inc (NYSE:HTZ) and AMC Entertainment Holdings Inc (NYSE:AMC) are just some of the companies reporting.

TripAdvisor Inc (NASDAQ:TRIP) was among the top gainers in premarket trading, jumping 6.70% after its earnings came in better than expected, while Cisco Systems (NASDAQ:CSCO) rose 0.21%.

Elsewhere, Tesla (NASDAQ:TSLA) fell 0.32% after news that it picked Robyn Denholm to succeed Elon Musk as board chair. Musk will remain as the company’s CEO. Digital media player company Roku Inc (NASDAQ:ROKU) slumped 11.65% despite posting a higher than expected earnings report, while Qualcomm (NASDAQ:QCOM) was down 5.55%

In commodities, gold futures fell 0.18% to $1,224.10 a troy ounce while crude oil futures increased 0.15% to $61.76 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, was up 0.33% to 96.12.

Stocks - U.S. Futures Fall Ahead of Fed Decision
 

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RJ Scott
RJ Scott Nov 08, 2018 8:08PM ET
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