A Peek Into The Markets: U.S. Stock Futures Flat; All Eyes On Fed Decision

Pre-open movers

U.S. stock futures traded mostly flat in early pre-market trade. Data on existing home sales for August will be released at 10:00 a.m. ET. The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET, while the Fed Chair Janet Yellen will hold a press conference at 2:30 p.m. ET.

Futures for the Dow Jones Industrial Average declined 4 points to 22,332.00, while the Standard & Poor’s 500 index futures rose 0.30 point at 2,505. Futures for the Nasdaq 100 index slipped 0.50 points to 5,996.50.

Oil prices traded higher as Brent crude futures rose 0.92 percent to trade at $55.65 per barrel, while US WTI crude futures gained 1.13 percent to trade at $50.04 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index falling 0.72 percent, STOXX Europe 600 Index declining 0.03 percent and German DAX 30 index dropping 0.06 percent. The UK's FTSE index was trading higher by 0.02 percent, while French CAC 40 Index rose 0.12 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 0.05 percent, Hong Kong’s Hang Seng Index climbed 0.27 percent, China’s Shanghai Composite Index gained 0.27 percent and India’s BSE Sensex slipped 0.01 percent.

Broker Recommendation

Analysts at Morgan Stanley upgraded Pfizer Inc. PFE from Equal-Weight to Overweight.

Pfizer shares rose 1.04 percent to $35.82 in pre-market trading.

Breaking news

• General Mills, Inc. GIS reported weaker-than-expected earnings for its first quarter.



• FedEx Corporation FDX reported weaker-than-expected earnings for its first quarter and lowered its FY18 adjusted earnings outlook.



• Adobe Systems Incorporated ADBE posted upbeat earnings for its third quarter on Tuesday.



• Bed Bath & Beyond Inc. BBBY reported downbeat earnings for its third quarter.