The majority of the U.S. stocks were down today as the next Federal Reserve meeting closely approaches; this meeting is also expected to be the last one that will be covered by the media which will be including Janet Yellen as the presiding chair.
The bulk of Asian shares were also down in the same market session, the main culprit can also be traced to the impending announcements that are set to be disclosed at the Fed’s meeting. Meanwhile, the commodities futures were relatively high as they bullishly run in the midst of stock prices volatility; the gold and oil prices were tallied to be trading higher.
Fed’s Meeting Forecasts
Analysts are expecting that the Fed, along with the Central Bank of America, will raise the interest rates today for the third time this 2017. This is still a forecast and the Fed may choose not to pursue with the interest rate hike as inflation continues to linger lower.
U.S. Indices Prices
Today’s event was a total upset as the two of the major U.S. indices were tallying record high closes for two consecutive days this week. The upbeat tech sector continues to buoy the indices prices higher, but today’s session proved the brevity of the Fed’s meeting on the total market performance.
The top two performers from the previous days were the S&P 500 and the Dow Jones Industrial; today, however, the DJIA managed to dip by a total of 0.12% to 24,514 while the S&P 500’s futures were also down by a massive 0.19% at 2,662.75. One of the largest dips for today was from Nasdaq which fell by a massive 0.14% to 6,394.25.
The figures were relatively low as opposed to the record high performance they had yesterday which goes as follows; the Dow managed to increase by 119 points or a whopping 0.49% to 24,505. Furthermore, the S&P 500 was also up by 0.16 yesterday, while the Nasdaq dips by 0.19%.
Asian Stocks Mixed
The majority of Asian indices were mixed in the anticipation of the next Fed meeting; the Shanghai Composite Index was steady at 3,379.43, the Tokyo’s Nikkie 25 managed to shed a total of 0.3% today to 22,805.80. Furthermore, the Hong Kong’s Hang Seng managed to increase by 0.55 to 28,925.73 and the Seoul’s Kospi was also up by a total of 0.4% to 2,471.74.
Looking at Sydney’s S&P-ASX 200 was also left unchanged, trading at 6,015.00. Other stocks and indices prices from New Zealand and Singapore were down before the Fed’s meeting while local Taiwan and other Southeast Asian stocks were trading higher today.
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