Stock futures bounced between gains and losses, following Tuesday’s rebound.
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Dow Jones futures were lower by 0.08%. The S&P 500 futures also down by 0.08% and the Nasdaq Composite was off 0.29%.
Federal Reserve Chairman Jerome Powell’s first policy-setting meeting will conclude Wednesday with a decision on the fate of interest rates.
The market is convinced the Fed will announce a quarter point hike. The question remains will the Fed be looking toward three or four rate increases for the year.
“Today’s Fed meeting is likely to see the US central bank raise rates for the fourth time in the last 12 months pushing the Fed funds rate up 25 basis points to 1.5% to 1.75%, said Michael Hewson, Chief Market Analyst at CMC Markets. “It will also be new Fed chief Jerome Powell’s first press conference as Fed chairman, and investors will be paying particular attention to the Fed’s outlook.”
The Fed has raised rates five times since it began tightening policy in late 2015.
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Before the Fed decision, traders will digest the latest housing-related data in February’s existing home sales.
In Tuesday’s session, the Dow Jones Industrial Average rose 116.36 points, or 0.47%, 24,727.27. The S&P 500 gained 4.02 points, or 0.15%, to 2,716.94. The Nasdaq Composite was up 20.06 points, or 0.27%, at 7,364.30.
The major tech names were mixed, with Facebook experiencing its second-straight session of losses. The social media giant took a big hit on Monday, closing with a 6.8% loss, following news that a firm tied to President Donald Trump’s 2016 election campaign gathered data from millions of Facebook profiles without authorization. Facebook shares fell 2.6% on Tuesday.
Stocks In China gave up early gains to finish lower on the day. The Shanghai Composite index was down 0.3%.
In Hong Kong, the Hang Seng Index was up 1.21%.
Markets in Japan were closed for the Vernal Equinox holiday.
