By Investors Hub
The major US index futures are pointing to a higher opening on Tuesday, with stocks likely to move to the upside as the Federal Reserve begins its two-day monetary policy meeting.
The upward momentum on Wall Street comes as bank stocks are likely to benefit from an increase by US treasury yields.
Yields are moving higher as the Fed is widely expected to announce its decision to raise interest rates by 25 basis points on Wednesday.
Following the mixed performance seen last week, stocks turned in a relatively lackluster performance during trading on Monday. The major averages eventually ended the session mixed.
While the Nasdaq inched up 6.29 points or 0.1 percent to 7,993.25, the Dow slid 181.45 points or 0.7 percent to 26,562.05 and the S&P 500 fell 10.30 points or 0.4 percent to 2,919.37.
The choppy trading on Wall Street came amid news China cancelled trade talks with the U.S. as tariffs on billions of dollars worth of goods take effect.
Traders seemed somewhat reluctant to make more significant moves, however, with the upcoming Federal Reserve meeting keeping some traders on the sidelines.
The Fed is scheduled to announce it latest monetary policy decision on Wednesday and is widely expected to raise interest rates by another quarter point.
The accompanying statement is likely to attract considerable attention along with Fed Chairman Jerome Powell’s press conference as traders attempt to gauge the outlook for further rate hikes.
more recommended stories
Forte Oil to Pay Interim Dividend of N1.15k June 10
By Dipo Olowookere The board of.
NSE Releases Effective Dates of Five New Rules
By Dipo Olowookere The Nigerian Stock.
Wari Takes Financial Services Closer to Customers on WhatsApp
In order to make its customers.
Second 30-Year Bond Sale Records 336% Subscription
By Dipo Olowookere At the May.
FBNQuest Complies With GIPS to Boost Investor Confidence
A subsidiary of FBNQuest Merchant Bank.
Stock Market Gains N408bn as MTN Nigeria Listing Frenzy Persists
By Dipo Olowookere Transactions on the.
Facebook NG_Hub Trains 50,800 SMBs in Digital Skills
By Modupe Gbadeyanka Not less than.
Asian Equities Finish Mute Despite Reprieve for Huawei
By Investors Hub Asian stocks ended.