Stock Market News Today, 12/16/24 – Futures Flat Ahead of Fed Meeting
U.S. stock futures were trading flat on Monday morning as investors braced for the outcome of the Federal Reserve’s upcoming policy meeting. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 0.05%, 0.06%, and 0.09%, respectively, at 3:38 a.m. EST, December 16.
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The broader market witnessed a subdued performance last week, with the Dow Jones declining for seven consecutive sessions. Also, the S&P 500 and the Nasdaq Composite saw modest losses. The recent market rally has been concentrated in a few key technology stocks, raising concerns about the sustainability of the uptrend.
Moving ahead, investors are awaiting the Federal Reserve’s policy decision on Wednesday. The central bank is widely expected to implement a 25-basis-point interest rate cut. In addition to the Fed’s decision, investors are looking forward to the release of the preliminary Purchasing Managers’ Index (PMI) report. This data will provide insights into the current state of the U.S. economy.
On the corporate front, Palantir (PLTR), MicroStrategy (MSTR), and Axon Enterprise (AXON) stocks are expected to see increased volatility as their inclusion in the Nasdaq 100 Index will likely attract more investor attention. At the same time, Super Micro Computer (SMCI), Moderna (MRNA), and Illumina (ILMN) could face increased market fluctuations due to their exclusion from the index.
Meanwhile, the U.S. 10-year treasury yield was down, floating near 4.381% at the time of writing. At the same time, WTI crude oil futures are trending lower, hovering near $70.99 per barrel as of the last check.
Elsewhere, European indices opened lower on Monday morning as investors looked ahead to the Fed’s upcoming policy decision. Also, traders remain cautious after Moody’s (MCO) downgraded France’s credit rating to Aa3, from Aa2 previously.
Asia-Pacific Markets Ended Lower on Monday
Asia-Pacific indices closed lower today ahead of the monetary policy decisions by several central banks, including the Bank of Japan and the People’s Bank of China.
At the same time, Japan’s Nikkei and Topix indices declined by 0.03% and 0.3%, respectively. Further, China’s Shanghai Composite and Shenzhen Component indices fell 0.16% and 1.3%, respectively. Also, Hong Kong’s Hang Seng Index was down 0.88%.
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