US Futures Point to Fresh Record Highs at Start of Fed Week

19 Septembre, 2017, 16:59 | Author: Marc Bacque

With the higher closes, the Dow and S&P reached another record close.

Employees of a foreign exchange trading company work near a monitor showing TV news on Japan's Nikkei share average and the Japanese yen's exchange rate against foreign currencies in Tokyo.

Wall Street hit new life highs on Monday powered by financials, technology and industrials stocks even as investors await cues from the Federal Reserve on its future path of monetary policy.

USA equity futures, however, still suggest another all-time high for the Dow Jones Industrial Average at the start of trading today after Monday's record close - the fifth in a row - for the benchmark and smaller gains for the broader S&P 500 and the tech-focused Nasdaq.

Wall Street rose to fresh record closes on Monday, boosted by gains in banking and financial stocks while investors eyed this week's meeting of the United States central bank in Washington.

In the next part, we'll discuss the S&P 500's top gainers on September 18.

With futures prices pointing to a 55.8% chance of a Fed rate hike during its December meeting, but only a 2% chance of a change in the Fed's 1% to 1.25% target rate on Wednesday, investors are now focused on details regarding the central bank's plans to begin reducing its $4.1 trillion balance sheet and its economic projections for 2018.

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"The increasingly positive market sentiment remains on track as the Federal Reserve begins its two- day meeting today".

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.

"You just had that little momentum spurt after it went through 2,500 but it is kind of running out of steam and is going to bide its time until Wednesday, when they listen to Janet" said Ken Polcari, director of the NYSE floor division at O'Neil Securities in NY.

Shares of Amazon.com were down 1.3 per cent. Amazon Web Services said it will start charging its customers by the second for use of its popular EC2 virtual slices of servers in its data centres, according to a CNBC report.

Microsoft shares ended down 0.2% while Alphabet was off 0.6%, with both stocks seeing a pickup in volume late in the day.

Meanwhile, oil prices retreated from a five-month high on Monday as investors took profits after West Texas Intermediate oil recorded weekly gains of 5% on optimism over the outlook for global supply and demand.

U.S. crude futures rose 2 cents to settle at US$49.91, while Brent crude futures fell 14 cents to US$55.48.

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