Stock Futures Waver Ahead of Fed Decision

May 4, 2022 3:42 am ET

U.S. stock futures were little changed ahead of a policy decision from the Federal Reserve and comments from Chairman Jerome Powell that will be closely watched for clues about how high the central bank intends to raise interest rates to combat inflation.

S&P 500 futures were flat and Dow Jones Industrial Average futures were flat. The contracts do not necessarily predict market moves after the markets open.

European stocks declined Wednesday for a two-day losing streak. The Stoxx Europe 600 lost 0.5% in morning trade as gains in industrials and financials sectors were tempered by losses in consumer staples and energy sectors.

The U.K.’s FTSE 100 was down 0.4%. Other stock indexes in Europe also mostly fell as France’s CAC 40 was lower 0.4% and Germany’s DAX traded was down 0.4%.

The Swiss franc and the euro dropped 0.1% against the U.S. dollar whereas the British pound was flat against the dollar, with 1 pound buying $1.25.

In commodities, international benchmark Brent crude was up 2.5% to $107.64 a barrel. Gold declined 0.2% to $1,867.70 a troy ounce.

The German 10-year bund yield rose to 1.001% and 10-year U.K. government debt known as gilts yields were up to 1.987%. The yield on 10-year U.S. Treasury edged up to 2.965% from 2.957%. Bond prices and yields move in opposite directions.

In Asia, Hong Kong’s Hang Seng shed 1.3%.

Traders worked on the floor of the New York Stock Exchange on Monday.

Photo: Spencer Platt/Getty Images

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