Contracts on the tech-heavy Nasdaq 100 added over 1%, while S&P 500 futures were up more than 0.5%. Microsoft jumped in extended trading on a strong sales forecast, while Alphabet’sStill, the mood remains edgy ahead of a much-anticipated Federal Reserve interest-rate increase – part of a global wave of monetary tightening to quell inflation that’s stoking concerns about a worldwide economic slowdown.
Treasury yields were little changed as traders brace for a widely telegraphed 75 basis-point Fed hike later on Wednesday. The dollar dipped, oil was around $95 a barrel and Bitcoin peeked above $21,000. The key question is whether chair Jerome Powell’s policy signals validate or refute scaled-back bets projecting a 3.4% peak fed funds rate around year-end and cuts in 2023 to shore up an economy at risk of recession.
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