Futures Indicate a Slightly Lower Start to the Day as Investors Gear Up for Another Week of Earnings
U.S. stock futures are lower. Futures are indicating a slightly lower start to the day as investors gear up for another week of earnings announcements. Yields are higher as anticipation builds ahead of the Federal Open Market Committee's (FOMC) announcement on Wednesday afternoon. So far, 53% of S&P 500 companies have reported their results, with an impressive 79% beating earnings per share (EPS) expectations. Looking ahead to the FOMC meeting, money markets are pricing in a 90% probability of a 25 basis point hike. However, there are growing expectations that the pace of rate hikes may slow and eventually pause over the next few months. Meanwhile, Asian markets closed higher and European markets are also on the rise. Later in the day, we'll be seeing the release of PMI, ISM, and construction spending data after the open. The dollar is currently trading flat, crude prices are declining, and gold prices are on the rise.