<\/p>\n
This live blog is refreshed throughout the day with the latest updates from the market. To find the latest Stock Market Today threads, click here.<\/p>\n
Happy Wednesday. Stock futures edged higher as Wall Street awaited the Federal Reserve’s decision on whether to hike interest rates for the first time in three years.<\/p>\n
Futures markets were pricing in a quarter-point hike for Wednesday, with 92.5% odds, according to CME FedWatch.<\/p>\n
Stocks finished lower Tuesday, pulled down by rising oil prices and Treasury yields. Oil prices were easing Wednesday but remained above $100 a barrel as the conflict between the U.S. and Iran continued.<\/p>\n
“Based on Tuesday’s action, we can safely conclude that investors are not optimistic about the Fed’s interest rate decision on Wednesday afternoon,” said TheStreet Pro contributor James “Rev Shark” DePorre.<\/p>\n
“There was a steady drip of selling all day, with abysmal breadth of just 32% positive. New 12-month lows expanded to over 350 names against 100 new highs.”<\/p>\n
DePorre said the rate hike is widely anticipated, so the increase itself is not the main question.<\/p>\n
“The reaction will depend on the commentary offered by Fed Chair Kevin Warsh,” he said. “Investors want to know whether this is the start of a series of hikes or just fast, preemptive action that ends here.”<\/p>\n
DePorre added that Warsh “is not likely to get much clarity” from the Fed chair.<\/p>\n
“He has made a point of not signaling his intentions, which is the whole reason the uncertainty has been this high,” he said. “A hike paired with reassuring language could actually calm the bond market. A hike with hawkish or vague commentary could push yields higher and take stocks down with them. We will find out at 2 p.m. ET.”<\/p>\n
#Stock #Market #Today #Sept #Nasdaq #futures #edge #higher #ahead #Fed #decision<\/p>\n","protected":false},"excerpt":{"rendered":"
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