Stock futures rose slightly on Monday evening as Wall Street looked to build on a modest rebound ahead of another rate hike from the Federal Reserve.
Futures tied to the Dow Jones Industrial Average inched up 49 points, or less than 0.2%. S&P 500 futures added 0.2%, and those for the Nasdaq 100 rose roughly 0.2%.
The Federal Open Markets Committee kicks off its September meeting on Tuesday, and the central bankers are expected to announce a 0.75 percentage point rate hike on Wednesday. Stocks have tumbled in recent weeks as comments from Fed Chair Jerome Powell and an unexpectedly hot August consumer price index report caused traders to prepare for even higher rates until inflation cools.
“I think last week a lot of the work was done to reset interest rate expectations,” said Angelo Kourkafas, investment strategist at Edward Jones.
“The momentum in equity markets is to the downside. … Until we establish that pattern of lower [inflation] readings, it’s going to be hard to reverse that elevated uncertainty and volatility that we are seeing,” Kourkafas added.
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