New Week Brings No Respite For US Stocks As S&P 500, Nasdaq Futures Slump Amid Fed Jitters — Apple, Ford In Focus

Trading in the index futures points to a weaker start for Wall Street stocks on Monday, as traders position themselves for the two-day Federal Open Market Committee meeting that kickstarts on Tuesday.

A hot consumer price inflation reading and FedEx Corporation’s FDX negative preannouncement, blaming it on a potential recession, weighed down on stocks in the week ended Sept. 16. Fears of stagflation are beginning to take hold firmly, sending traders on the defensive. The major averages ended the week at their lowest level in two months.

Here’s a peek into index futures trading:

In premarket trading on Monday, the SPDR S&P 500 ETF Trust SPY had slipped 0.88% to $382.17 and the Invesco QQQ TrustQQQ was down 1.01% to $285.89, according to Benzinga Pro data.

The economic calendar of the day is empty, although the focus will stay on the FOMC meeting. After another hot inflation reading in August, odds of a 75-basis-point increase in the fed funds rate have increased. The statement released post the meeting will likely be parsed to see whether the central bank is signaling a thawing in its hawkish stance.

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Stocks In Focus:

• Ford Motor Company F said it is researching a new smartphone-based communications technology that could potentially warn drivers of pedestrians, bicyclists and even approaching vehicles blocked from drivers’ view.
• Apple, Inc. AAPL could be in the news after reports suggested minor glitches in its newest iPhone models.
• bluebird bio, Inc. BLUE received FDA approval for its gene therapy to treat neurodegenerative disease in young boys. Israel-based
• BYND Cannasoft Enterprises BCAN is advancing close to 300% following a deal to buy Zigi Carmel which holds intellectual property for a therapeutic device that uses a low concentration of CBD oils.

Commodities, Global Markets Crude oil futures are declining close to 2% and trading just above $83-a-barrel ahead of New York trading.

The major Asian markets moved to the downside, in sympathy with the somber mood that prevailed on Wall Street for much of last week. The Indian and Indonesian markets bucked the downtrend, while the Japanese market was closed for a public holiday.

The Chinese central bank, meanwhile, took down the borrowing cost of 14-day reverse repos and increased cash injections into the economy in a bid to help meet quarter-end demand.

The French and German markets are trading notably lower in early trading on Monday, while the London Stock Exchange remained closed for the Queen’s funeral.