Futures Stuck Ahead of Fed Decision
April 30,2024 08:44 am EST
U.S. stock futures turned flat Tuesday morning after a positive start to the week, as investors brace for megacap earnings, the latest Federal Reserve interest rate decision, and a jobs report. Stocks are also on pace to snap a six-month winning streak.
Futures for the Dow Jones Industrials erased 14 points to 38,545.
Futures for the broader index dipped 2.75 points, or 0.1%, to 5,144.25.
Futures for the NASDAQ Composite fell 24.25 points, or 0.1%, to 17,880.
Even after a positive session on Monday, stocks are headed for their first losing month since October as rate cut expectations dropped significantly from where they were at the start of the year. The 30-stock index is on pace for a more than 3% loss in April. The S&P 500 and NASDAQ Composite are headed for declines of more than 2%, each.
The busiest week of corporate earnings is set to continue with Amazon and Apple reporting their quarterly results Tuesday and Thursday, respectively.
In early earnings news, McDonald's missed estimates due to boycotts hitting Middle Eastern sales, sending shares down 2% in the premarket.
Coca-Cola shares were lower, even though the soft drink giant beat estimates and raised its outlook.
In Japan, the Nikkei 225 Index returned from a long weekend to gain 1.2%, while in Hong Kong, the Hang Seng moved ahead 0.1%.
Oil prices gained 46 cents to $83.09 U.S. a barrel.
Gold prices dropped $36.50 to $2,321.20 U.S. an ounce.
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