On Monday, Wall Street had rather a choppy session, with fluctuating stock futures, because investors were quite cautious ahead of the upcoming Fed’s meeting.
Futures for the Dow Jones Industrial Average lost up to 13 points, trading at 17,078. The S&P 500 index traded at 2,007.75 with a 2.75 point sag. As for futures for the Nasdaq 100 index, they acquired up to 3.25 points at 2,007.25.
The minor pullbacks arose right after on Friday the S&P 500 index along with Dow average surged. They both ended at the highest levels of the year, following oil’s rebound.
On Monday, the stock markets tried to keep up the positive mood, thus reacting to a decline in crude prices. Furthermore, market participants stood away from making big moves ahead the Fed’s upcoming decision.
The Fed is actually supposed to keep its interest rates on hold, notwithstanding the fact, recent economic reports justify another rate hike.
Though the equity market has already calmed, in general, financial conditions are still tight, especially compared to December. Moreover, credit spreads of the corporate bond market are still close to the 6 year high hit in February.