A Peek Into The Markets: US Stock Futures Flat; All Eyes On Fed Decision

Pre-open movers

U.S. stock futures traded mostly flat in early pre-market trade. The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET, while the Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 8 points to 25,898, while the Standard & Poor’s 500 index futures fell 0.25 points to 2,836.25. Futures for the Nasdaq 100 index rose 0.75 points to 7,377.25.

Oil prices traded lower as Brent crude futures fell 0.5 percent to trade at $67.28 per barrel, while US WTI crude futures fell 1.1 percent to trade at $58.40 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 lower today, with the Spanish Ibex Index falling 0.2 percent, STOXX Europe 600 Index dropping 0.3 percent and German DAX 30 index dropped 1.2 percent. The UK's FTSE index was trading lower by 0.1 percent, while French CAC 40 Index fell 0.1 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 0.2 percent, Hong Kong’s Hang Seng Index declined 0.49 percent, China’s Shanghai Composite Index fell 0.01 percent and India’s BSE Sensex rose 0.06 percent.

Broker Recommendation

Analysts at Deutsche Bank upgraded Arista Networks Inc ANET from Sell to Hold and raised the price target from $190 to $225.

Arista Networks shares rose 0.8 percent to $297.49 in pre-market trading.

Breaking News

• FedEx Corporation FDX reported downbeat results for its third quarter and lowered its 2019 profit outlook.
• Steelcase Inc. SCS reported better-than-expected results for its fourth quarter and issued strong first-quarter guidance. The company raised its quarterly dividend from $0.135 to $0.145 per share.
• Motif Bio plc MTFB shares jumped over 19 percent in pre-market trading after the FDA granted the company's request for a Type A meeting to discuss the complete response letter regarding iclaprim.
• AAR Corp. AIR reported upbeat earnings for its third quarter, while sales missed estimates. The company also cut 2019 guidance.