Wall Street stalls as investors hold their breath for Fed
Indexes muted in early trade, Nasdaq edges higher
Energy leads S&P 500 gainers; healthcare lags
Euro STOXX 600 index off ~0.3%
Dollar edges red; crude dips; bitcoin off >1%; gold ~flat
U.S. 10-Year Treasury yield rises to ~3.69%
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WALL STREET STALLS AT STARTING LINE AS INVESTORS HOLD THEIR BREATH FOR FED
Directly after the opening bell, U.S. stocks painted a mixed picture with investors eyeing the clock as it ticks toward 2pm. That's when the Federal Reserve is expected to issue its first policy rate cut since March 2020, when the pandemic was baring its teeth.
The three major U.S. stock indexes are showing little impetus to move in either direction ahead of the Fed's decision.
The Nasdaq .IXIC is slightly higher, the S&P 500 .SPX is roughly flat, and the Dow .DJI is nominally lower.
The small cap Russell 2000 .RUT is faring a bit better, up around 0.3%.
Value .IVX and growth .IGX are about even, while energy .SPNY and transports .DJT are outperforming the broader stock market.
Expectations have shifted over the last several sessions regarding the size of the Fed's rate cut, with financial markets now pricing in a 62% likelihood of 50 basis points, and a 38% chance of a smaller 25 bp reduction, according to CME's FedWatch tool.
Beyond that, the accompanying statement and the central bank's update to its summary of economic projections - to include the "dot plot," which will provide a glimpse at the Fed's path forward as it relates to monetary policy - will be closely scrutinized.
Fed Chair Jerome Powell's statement and Q&A session, expected to follow at 2:30 EDT, will also be parsed by market participants regarding the speed and extent of the central bank's rate cuts through the end of the year and beyond.
Aside from the Fed, investors started their day with a handful of bullish housing indicators, which bigger-than-expected rebounds in housing starts, building permits and mortgage demand.
Here's where things stood as of 09:44 EDT:
(Stephen Culp)
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FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:
MOMENTUM OUT FRONT, BUT IS THERE A SHIFT AFOOT? - CLICK HERE
THE UNBEARABLE WRONG-NESS OF FED WATCHING - CLICK HERE
SOFT LANDING TO BENEFIT GROWTH STOCK LAGGARDS - UBS CIO - CLICK HERE
WHAT NEXT AFTER THE FIRST FED CUT? - CLICK HERE
ALL GOOD FOR EURO AREA LIQUIDITY… FOR NOW - CLICK HERE
NOVO WEIGHS, AWAITING THE FED - CLICK HERE
EUROPE BEFORE THE BELL: THE FED, MIDDLE EAST AND UK CPI - CLICK HERE
TRADERS STILL GUESSING IN FINAL FED COUNTDOWN - CLICK HERE
Opening snapshot https://reut.rs/3B5n0ZQ
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