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Stocks May Open Lower Ahead of Fed Announcement

By Investors Hub

The major U.S. index futures are pointing to a modestly lower opening on Wednesday following the upward move seen in the previous session.

Following the sell-off seen on Monday, stocks moved back to the upside during the trading day on Tuesday.

The Dow climbed 116.36 points or 0.5 percent to 24,727.27, the Nasdaq rose 20.06 points or 0.3 percent to 7,364.30 and the S&P 500 ended up 4.02 points or 0.2 percent to 2,716.94.

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The strength on Wall Street may partly have reflected bargain hunting following the notable decline seen during trading on Monday.

Trading activity was somewhat subdued, however, as traders looked ahead to this afternoon?s monetary policy announcement by the Federal Reserve.

With the Fed widely expected to raise interest rates by 25 basis points, traders are likely to keep an eye on the accompanying statement for clues about the outlook for future rate hikes.

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New Fed Chairman Jerome Powell’s first press conference as head of the central bank is also likely to attract considerable attention.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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