14 Sep 2015
US stocks suffer moderate weakness ahead of Fed meet
FXStreet (Mumbai) - Wall Street turned jittery on Monday, leading to moderate weakness in stocks as uncertainty surrounding the Fed rate decision on Thursday capped risk appetite.
At the time of writing, the DJIA was 0.38% lower at 16370. The S&P 500 and the NASDAQ lost 0.4% and 0.3% respectively. Stocks are likely to swing between gains and losses heading into the Thursday’s FOMC rate decision.
Among the DJIA stocks, shares in Apple rose 1.65% after the company said its iPhone pre-orders were on track to beat last year's first-weekend record. Next in line was Merck&Co; up 0.84%. On the other side, Walt Disney and Microsoft lost more than 1% each.
As far as the possibility of a rate hike on Thursday is concerned, the market stands divided. Heading into the event, the fed funds futures indicate 30% probability of a rate hike. However, as we are moving closer to Thursday, increasing number of players are titling towards the possibility of a 25 basis point rate hike.
At the time of writing, the DJIA was 0.38% lower at 16370. The S&P 500 and the NASDAQ lost 0.4% and 0.3% respectively. Stocks are likely to swing between gains and losses heading into the Thursday’s FOMC rate decision.
Among the DJIA stocks, shares in Apple rose 1.65% after the company said its iPhone pre-orders were on track to beat last year's first-weekend record. Next in line was Merck&Co; up 0.84%. On the other side, Walt Disney and Microsoft lost more than 1% each.
As far as the possibility of a rate hike on Thursday is concerned, the market stands divided. Heading into the event, the fed funds futures indicate 30% probability of a rate hike. However, as we are moving closer to Thursday, increasing number of players are titling towards the possibility of a 25 basis point rate hike.