Rosecliff founder and managing partner Mike Murphy weighs in on the markets and the Fed’s rate hikes on ‘Varney & Co.’
U.S. equity futures traded higher Wednesday morning ahead of the Federal Reserve’s decision on interest rates.
The major futures indexes suggest a gain of 0.5% when the opening bell rings on Wall Street.
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Oil prices traded choppy, bouncing between gains and losses. WTI crude futures traded around $117 a barrel. Brent crude futures traded around $119 a barrel.
The yield on the 10-year Treasury was at 3.40% Wednesday morning.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York. (REUTERS/Brendan McDermid / Reuters Photos)
The Federal Reserve is expected to attempt to tame inflation on Wednesday with the first 75-basis point rate hike in close to three decades. It would lift the Funds rate to a range of 1.50%-1.75%.
FED EXPECTED TO INTENSIFY INFLATION FIGHT WITH 75-BASIS POINT RATE HIKE
Other economic reports expected include, retail sales for May, import & export prices, the Fed’s Empire State Manufacturing Survey and the homebuilders’ sentiment index
Bitcoin traded around $21,000, currently on an eight-day losing streak.
In Asia, the Nikkei 225 in Tokyo lost 1.1%, Hong Kong’s Hang Seng gained 1.1% and China’s Shanghai Composite Index gained 0.5%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 30364.83 | -151.91 | -0.50% |
| SP500 | S&P 500 | 3735.48 | -14.15 | -0.38% |
| I:COMP | NASDAQ COMPOSITE INDEX | 10828.345418 | +19.12 | +0.18% |
On Tuesday, the S&P 500 declined 0.4% to 3,735.48, putting it 21.8% below its Jan. 3 peak. That puts it in a bear market, or a drop of 20% from the last market top.
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The Dow Jones Industrial Average fell 0.5% to 30,364.83 and the Nasdaq composite rose 0.2% to 10,828.35.
The Associated Press contributed to this report.
