A trader works, as a screen broadcasts a news conference by Federal Reserve Chair Jerome Powell following the Fed rate announcement on the floor of the New York Stock Exchange on June 12, 2024.
Stock futures were flat in overnight trading Tuesday as Wall Street anticipated a long-awaited rate cut from the Federal Reserve following an aggressive multiyear hiking campaign aimed at tamping down hot inflation.
Futures tied to the Dow Jones Industrial Average added 28 points, while S&P 500 futures hovered near the flatline.
Investors remain on high alert ahead of the first expected rate cut from the Fed at the conclusion of its two-day policy meeting Wednesday.
CME Group's FedWatch Tool shows traders pricing in a 63% chance of a 50 basis point cut, and 37% odds of a 25 basis point move.
Persons:
Jerome Powell, Peter Cecchini, Axonic, CNBC's
Organizations:
Federal, New York Stock Exchange, Stock, Federal Reserve, Dow Jones, Nasdaq, Dow Jones Industrial, Fed