U.S. stock futures traded mixed on Wednesday, as investors awaited the outcome of a Federal Reserve meeting and more corporate results, on the heels of results from Apple and other tech titans.
How are stock benchmarks trading? On Tuesday, the Dow Industrial Average DJIA, -0.24% fell 85.79 points, or 0.2%, to 35,058.52. The The S&P 500 SPX, -0.47% declined 20.84 points, or 0.5%, to 4,401.46 to snap a five-session winning run. The tech-heavy Nasdaq Composite COMP, -1.21% dropped 180.14 points, or 1.2%, to 14,660.58, its largest one day fall since May 12.
What’s driving the market? The selloff in tech stocks in Hong Kong and China abated on Wednesday, as the Hang Seng closed 1.5% higher after consecutive drops of at least 4%.Investors will be watching shares of Apple, Microsoft and Google parent Alphabet, which all reported late Tuesday. That’s with earnings from fast-food giant McDonald’s MCD, +0.97% and health insurance group Humana HUM, +0.04% due ahead of the open, followed by social media group Facebook FB, -1.
That’s as investors await a policy decision at the conclusion of the Fed’s two-day policy meeting, with an announcement due at 2 p.m. Eastern, followed by a news conference with Chairman Jerome Powell at 2:30 p.m. Eastern. Investors are hoping for clarity on when the central bank will begin tapering of monthly bond purchases, though economists say that may not be forthcoming.
Fresh worries about global economic growth amid the spread of the delta variant of the coronavirus may have eased up inflation pressures. The Centers for Disease Control and Prevention on Tuesday recommended that Americans — even fully vaccinated — in U.S. counties with “substantial or high” rates of COVID-19 wear masks in public indoor spaces.
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