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Dow to turn around nine-day losing streak ahead of Fed rate call
Wall Street appeared in a positive mood ahead of Wednesday’s Federal
Reserve rate call, placing the Dow Jones on course to end a nine-day losing
streak.
Futures had the Dow Jones up 0.3% before the bell, raising hopes that the
index could end its worst run since 1978.
Following a broad post-election rally, attention has appeared to turn to big
technology firms once again, buoying the S&P 500 and Nasdaq but
hampering the 30-company strong Dow.
Though it does include four of the so-called Magnificent Seven, declines for
the likes of UnitedHealth Group Inc (NYSE:NYSE:UNH, ETR:UNH),
Sherwin-Williams Co (NYSE:NYSE:SHW), Goldman Sachs Group Inc
(NYSE:NYSE:GS, ETR:GOS) have weighed.
“One of the concerns with the Dow is just how narrow it is,” CS McKee chief
investment officer at CS McKee Brian Allen commented.
Making matters worse has been a downturn in heavyweight Nvidia Corp
(NASDAQ:NVDA) after recent years of hefty gains look to finally be setting
the artificial intelligence giant on a correction course.
Elsewhere, the S&P 500 and Nasdaq were both seen gaining 0.3% ahead of
Wednesday’s open, with focus widely on the Fed’s rate call later in the day
and expectations for a 25 basis point cut.
“While the Fed is largely anticipated to cut interest rates […] the focus is on
its outlook for the upcoming year, especially in light of Donald Trump’s
proposed initiatives that could potentially trigger inflation,” Tickmill Group
partner Patrick Munnelly said.

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