Fed meeting looms, more tech IPOs ahead, Evergrande slips - what's moving markets
Investing.com -- U.S. stock futures point higher to begin the new trading week, with markets preparing for a parade of key central bank policy meetings around the world. Traders will be keeping a particularly close eye on the U.S. Federal Reserve's two-day gathering, where policymakers are expected to lay out how they see inflation evolving over the remaining months of 2023. Elsewhere, the potential pricing of initial public offerings from tech groups Klaviyo and Instacart are in focus after chip designer Arm 's blockbuster debut.
1. Futures edge higher
U.S. stock futures inched up on Monday, as investors geared up for a key Federal Reserve interest rate decision later in the week.
By 05:13 ET (09:13 GMT), the Dow futures contract had gained 46 points or 0.1%, S&P 500 futures added 7 points or 0.2%, and Nasdaq 100 futures climbed by 24 points or 0.2%.
The Dow Jones Industrial Average managed to eke out a small increase last week, while the broad-based S&P 500 and tech-heavy Nasdaq Composite slipped for the second consecutive week.
Tech stocks led the declines on Friday. Lingering concerns over the broader economic outlook were exacerbated after Reuters reported that Taiwanese chipmaker TSMC had asked its major suppliers to delay the delivery of high-end semiconductor manufacturing equipment.
The news dampened some enthusiasm around British chip designer Arm (NASDAQ:ARM) after its stellar initial public offering (IPO) in New York last week. Shares in the company dipped by 4.5% in their second day of trading, although the stock remained well above its offer price.
2. Fed decision looms large
Attention now turns to the Fed, with the U.S. central bank widely tipped to keep interest rates steady at a range of 5.25% to 5.50%
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