Dow futures point to a gain of 250 points
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Dow futures point to a gain of 250 points ahead of Fed decision
Stock futures rose in early morning trading on Wednesday as investors looked for guidance from the Federal Reserve on the future path of interest rates with a gradual reopening of the economy in sight.
Futures on the Dow Jones Industrial Average implied an opening gain of 250 points. S&P 500 and Nasdaq futures also pointed to a higher open.
All eyes will be on the Fed’s monetary policy decision at 2 p.m. ET Wednesday. Investors will look to the central bank’s statement and chairman Jerome Powell’s virtual press conference for clues about how long interest rates will stay near zero as the economy seeks to emerge from coronavirus crisis.
“It doesn’t look like the Fed will raise interest rates beyond 0% until well-past the pandemic, which we think might be around 2023,” said Jim Caron, head of global macro strategies at Morgan Stanley Investment Management. “The market is pricing a recovery that starts in Q3, but there’s wide variability, and we need the Fed to give its input.”
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