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☆ US stocks end sharply lower, crude jumps on Middle East tensions
▼ + stars: | 2023-10-18 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Oct 18 (Reuters) - Wall Street stocks tumbled and crude prices surged on Wednesday as escalating Middle East turmoil prompted a broad sell-off and stoked oil supply concerns. European stocks slid, ending down 1.1% due to deepening fears over the Middle East conflict and as a downbeat forecast for the semiconductor sector weighed on sentiment. Emerging market stocks lost 0.95%. Oil prices advanced as the mounting strife in the Middle East appeared to pose a growing threat to supply. The greenback advanced against a basket of world currencies as market participants kept a watchful eye on developments in the Middle East.

Persons: Andrew Kelly, Joe Biden, Greg Bassuk, Bassuk, Morgan Stanley, Brent, homebuilding, Sterling, Gold, Stephen Culp, Amanda Cooper, Christina Fincher, Leslie Adler, Richard Chang Organizations: REUTERS, Nvidia, Tesla Inc, Nasdaq, U.S, AXS Investments, Investors, Procter, Gamble, Dow Jones, Japan's Nikkei, greenback, Thomson Locations: Manhattan , New York City, U.S, Israel, Gaza, China, New York, Beijing, Asia, Pacific, Japan, London

☆ Morning Bid: US growth topping China as megacaps report
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +5 min

A street sign for Wall Street hangs in front of the New York Stock Exchange May 8, 2013. The combination of high-pressure growth and U.S. crude oil prices back up to their highest in two weeks has re-ignited inflation concerns. And with a 20-year Treasury bond auction also due later in the day, bond markets are back running scared. Two-year Treasury yields hit their highest since 2006 on Tuesday at 5.24% and held most of those gains overnight - while 20-year yields are hovering around 5.2% as well. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Lucas Jackson, Mike Dolan, Joe Biden's, megacaps Tesla, Jerome Powell, China's, Republican Jim Jordan, Morgan Stanley, Kinder Morgan, Elevance, Joe Biden, Christopher Waller, Lisa Cook, Michelle Bowman, John Williams, Patrick Harker, Toby Chopra Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Atlanta, Netflix, Atlanta Fed, Fed, Treasury, Bank of England's, Wall St, Republican, Procter, Gamble, Abbott Laboratories, Northern Trust, Nasdaq, Citizens Financial, US Bancorp, Zions Bancorp, Discover, Lam Research, Alcoa, Steel Dynamics, Federal, New York Fed, Philadelphia Fed, Graphics Retail, Thomson, Reuters Locations: U.S, Gaza, Israel, trepidation, United States, Britain, Wall, Stocks, Asia, Europe, Northern, POPG, Equifax

☆ China’s Economy Gets a Boost From Beijing, but Housing Woes Persist
▼ + stars: | 2023-10-17 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

China’s economy grew more than expected over the summer, though the real estate market continued to weaken, as the government and the banks it controls poured money into infrastructure and new factories. Data released on Wednesday showed that economic output increased from July through September compared with the prior three months. Over the past year and a half, China’s economy, the world’s second largest, has struggled. In the third quarter — from July through September — the gross domestic product grew 1.3 percent when compared with the three previous months, China’s National Bureau of Statistics said. For the second quarter, however, economic growth was revised down to 0.5 percent.

Organizations: Housing, China’s National Bureau of Statistics

☆ Homebuilder confidence drops to the lowest in 10 months as high mortgage rates freeze the housing market
▼ + stars: | 2023-10-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Stubbornly high mortgage rates have taken a toll on builder sentiment, the group said. AdvertisementAdvertisementHomebuilder confidence just plunged to its lowest mark in 10 months, the National Association of Home Builders announced on Tuesday. The group cited stubbornly high mortgage rates as the primary drag on confidence. On Tuesday, rates on the 30-year fixed mortgage hit 7.92%, according to Mortgage News Daily's index. Buyers and sellers alike have largely been kept on the sidelines as mortgage rates hover near multi-decade highs and moving homes looks unattractive.

Persons: —, Alicia Huey, Robert Dietz, Dietz Organizations: Service, National Association of Home Builders, Market, Mortgage, Builders, Federal Locations: Wells Fargo

☆ Morning Bid: Banks, Biden visit buoy markets
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Biden leaves later on Tuesday for a high stakes visit to Israel and Jordan and Washington said Israeli Prime Minister Benjamin Netanyahu had agreed to let humanitarian aid reach besieged Gazans. That reversed a pre-weekend 'safety bid' that emerged amid fears an Israeli ground invasion into Gaza could draw other regional countries and groups into the war. Before then, bond markets will have to negotiate tomorrow's 20-year Treasury auction. The relatively new 20-year tenor has often proved unpopular and will be watched closely after a poor reception for the latest 30-year bond last week.

Persons: Brendan McDermid, Mike Dolan, Joe Biden's, Biden, Washington, Benjamin Netanyahu, Wells, Goldman Sachs, Charles Schwab, Jerome Powell's, Vladimir Putin, Xi Jinping, Lockheed Martin, Johnson, JB Hunt, Michelle Bowman, John Williams, Neel Kashkari, Tom Barkin, Luis de Guindos, Joe Biden, Olaf Scholz Organizations: New York Stock Exchange, REUTERS, Treasury, JPMorgan, Citigroup, Bank of America, Bank of New York Mellon, Federal Reserve, HK, Bank of England, Lockheed, United Airlines, Michelle Bowman , New York Fed, Minneapolis Fed, Richmond Fed, European Central Bank, European Union, Luxembourg Retail, Reuters Graphics Reuters, EIA, Thomson Locations: New York City, U.S, Israel, Gaza, Jordan, Israeli, Gazans, Asia, Europe, Wells Fargo, China, Russian, Beijing, Ukraine, United, Canada, Michelle Bowman , New, Frankfurt, Luxembourg, Venezuela

☆ Regional banks are in focus in the week ahead as third-quarter earnings season ramps up
▼ + stars: | 2023-10-13 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

Regional banks will be in focus in the week ahead as traders head into the thick of third-quarter earnings season. Regional bank earnings are also expected to be a weak point this season. But a closer look into the sector's sub-industries showed that regional banks are anticipated to have tumbled by 15% last quarter. Traders parsing through regional bank earnings will pay special attention to signs of narrowing net interest margins (NIM). Earnings season underway Many investors anticipate that the third-quarter earnings season will be alright.

Persons: Wells, Kumar, FactSet's John Butters, NIM, They'll, JPMorgan Chase, Jamie Dimon, Goldman Sachs, Morgan Stanley, FactSet's Butters, Nancy Tengler, Lauren Goodwin, we'll, Goodwin, Charles Schwab, Lockheed Martin, Goldman, Zions, Kinder Morgan, Lam, McLennan, Philip Morris, Huntington Bancshares, —, Jesse Pound Organizations: Citigroup, JPMorgan Chase, Sri, Kumar, Silicon Valley Bank, Regional Banking, Dow Jones Industrial, JPMorgan, Hamas, Northern Trust, U.S . Bancorp, T Bank, Citizens Financial, Bank of America, Federal Reserve, Companies, Investments, New York Life Investments, Index, Johnson, Bank of New York Mellon, Goldman Sachs Group, Hunt Transport Services, Omnicom, United Airlines Wednesday, Housing, Elevance, Citizens Financial Group, Procter, Gamble, Abbott Laboratories, Discover Financial Services, Las Vegas Sands, PPG Industries, Steel Dynamics, Tesla, Netflix, Lam Research, Philadelphia Fed, Truist, Alaska Air Group, Fifth Third Bancorp, American Airlines Group, Marsh, Philip Morris International, Union, CSX, Comerica, Regions Financial, American Express, Interpublic, Cos Locations: Wells Fargo, Silicon, Ukraine, Israel, J.B, Las Vegas, Philadelphia, Truist Financial, Union Pacific, Freeport, Huntington

☆ Potential buyers waiting to see effect of higher rates on demand and prices
▼ + stars: | 2023-10-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPotential buyers waiting to see effect of higher rates on demand and pricesCNBC's Diana Olick breaks down the latest data on the U.S. housing market.

Persons: Diana Olick

☆ Why an economic soft landing may prove elusive
▼ + stars: | 2023-10-13 | by ( Edward Chancellor | ) www.reuters.com time to read: +8 min

His latest book, “You Always Hurt the One You Love: Central Banks and the Murder of Capitalism”, won’t make him any friends in monetary policymaking circles. The Fed responded by reducing interest rates to zero and employing various tools to lower bond yields. These economic imbalances prevented central banks from returning interest rates to normal levels. Unless, that is, liberalising economic reforms are enacted that boost productivity and allow interest rates to rise. Bernard Conolly’s book, “You Always Hurt the One You Love: Central Banks and the Murder of Capitalism” was published in hardback in September.

Persons: Bernard Connolly, Connolly, won’t, they’ve, Michael Woodford, ”, Alan Greenspan, staved, Lehman, Edward Chancellor’s “, Bernard Conolly’s, Peter Thal Larsen, Streisand Neto, Thomas Shum Organizations: Reuters, European Monetary Union, European Commission, Banks, U.S . Federal, stoke, Lehman Brothers, Fed, Reuters Graphics, Treasury, Securities, Thomson Locations: U.S, United States, British, Europe, American, “, ”, disequilibrium, intertemporal, Central

☆ Robbie Whelan — Reporter at The Wall Street Journal
▼ + stars: | 2023-10-12 | by ( Robbie Whelan | ) www.wsj.com time to read: 1 min

Robbie WhelanRobbie Whelan covers Walt Disney Co. and the business of Hollywood for The Wall Street Journal in Los Angeles. Robbie has worked for the WSJ since 2010 and has been based in New York City and Mexico City. In previous roles, he covered hospitals and public health policy, the shipping industry, commercial real estate, home-building companies and the U.S. housing market. From 2016 to 2020, Robbie was based in Mexico City working as a foreign correspondent for the Journal, covering corporate news, economics, politics, migration, trade and the drug war. He is a massive Steelers fan and an accomplished performer of rock, country and bluegrass music.

Persons: Robbie Whelan Robbie Whelan, Robbie Organizations: Walt Disney Co, The Wall Street, Johns Hopkins University, Steelers Locations: Hollywood, Los Angeles, New York City, Mexico City, Pittsburgh

That changed in September when U.S. central bank officials themselves sensed that progress on housing inflation might have stalled. Data released on Thursday confirmed a jump in shelter prices that, for a month at least, bucked the trend. "The uptick in housing inflation this month was the key surprise. Housing inflation will need to decline sharply over the coming months for us to see inflation near 2%." In the list of risks for inflation to remain elevated, Fed officials in September pointed to "the effects of a strong housing market."

Persons: Sarah Silbiger, Olu Sonola, aren't, Jerome Powell, Kathy Bostjancic, disinflation Powell, Andrew Hunter, CoreLogic, Hunter, Howard Schneider, Paul Simao, Jonathan Oatis Organizations: REUTERS, Rights, Federal Reserve, Fitch, Fed, Nationwide, Reuters Graphics Reuters, Capital Economics, Reuters, Thomson Locations: Washington , U.S, U.S

☆ Here’s the inflation breakdown for September 2023 — in one chart
▼ + stars: | 2023-10-12 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Mario Tama | Getty ImagesInflation was unchanged in September, but price pressures seem poised to continue their broad and gradual easing in coming months, according to economists. Despite recent improvements, economists say it will take a while for inflation to return to normal, stable levels. The U.S. Federal Reserve aims for a 2% annual inflation rate over the long-term. "Ultimately, inflation is still the most menacing issue in the economy right now," said Sarah House, senior economist at Wells Fargo Economics. Why inflation is returning to normalAt a high level, inflationary pressures — which have been felt globally — are due to an imbalance between supply and demand.

Persons: Mario Tama, Andrew Hunter, Sarah House, there's Organizations: Getty, U.S . Bureau of Labor Statistics, Capital Economics, U.S . Federal Reserve, Wells, Wells Fargo Economics, CPI, BLS Locations: U.S, Wells Fargo, Russia, Ukraine

☆ Student loan repayments are back. Here’s what that could mean for the economy
▼ + stars: | 2023-10-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —This month marks the first time in more than three years that federal student loan borrowers will be required to make monthly repayments. Before the Bell spoke with Betsy Mayotte, president and founder of The Institute of Student Loan Advisors, to talk about what that could mean for the economy. Before the Bell: When exactly do student loan payments resume? The last time I checked, there were more than 40 million federal student loan borrowers. That’s the policy discussion that has to be had in order to permanently fix the student debt crisis.

Persons: Trump, Bell, Betsy Mayotte, they’re, ’ It’s, we’ve, It’s, ’ I’m, I’ve, hasn’t, David Goldman, Michelle Toh, Brent, ” Susannah Streeter, Hargreaves Landsdown, “ We’re, “, ”, Fraser Engerman Organizations: CNN Business, Bell, New York CNN, Biden, Payments, Wall Street Journal, The, Student Loan Advisors, Hargreaves, Walgreens, Pharmacy, CNN, Employees Locations: New York, California , New York, Massachusetts, Israel, East, Gaza, Iran, United States, Kansas City

☆ China’s economy will be hobbled for years by the real estate crisis
▼ + stars: | 2023-10-06 | by ( Laura He | ) edition.cnn.com time to read: +10 min

Absorbing this “excess capacity” in the property sector will inevitably hurt China’s economic growth, according to Garcia-Herrero. The money from the sales funded their breakneck expansion, making real estate moguls some of the country’s richest people. The strategy largely worked until about three years ago when the Chinese government cracked down on excessive borrowing by the real estate industry because it was worried about the risk of financial instability. But overall, the property sector has contracted severely as it adjusts to a collapse in demand. “A fundamental rewiring of China’s economy will necessitate a focus on developing new industries, improving productivity, and bolstering rental markets,” said analysts from Stanford University and the ASPI.

Persons: ”, Alicia Garcia, Herrero, Garcia, they’re, Evergrande, Xu Jiayin, Xi Jinping, ” Mark Williams, Sheana Yue, Zichuan Huang, “, — Michelle Toh Organizations: Hong Kong CNN, Investment, Asia Pacific, Getty, Bank, International Monetary Fund, IMF, Regulators, Capital Economics, People’s Bank of China, Oxford Economics, Stanford University, Asia Society Policy Institute, Oxford Locations: China, Hong Kong, Beijing, Natixis, Wuhan, China's, Hubei, Japan

REUTERS/Stringer/File Photo Acquire Licensing RightsLONDON, Oct 5 (Reuters) - The British government will try next week to persuade judges at the country's top court to overturn a ruling which declared unlawful its divisive plan to deport to Rwanda asylum seekers who arrive in small boats across the Channel. The stakes for Sunak are high, as he has made dealing with immigration one of his five priorities. This year, more than 25,000 people have arrived in Britain on small boats, while a record 45,755 were detected in 2022. Housing some of those migrants in hotels costs about 6 million pounds a day. Polls show high immigration remains a major concern to voters, although conversely also suggest there is support for migrants filling labour shortages.

Persons: Suella Braverman, Paul Rwigamba, Flora Uwayezu, Stringer, Rishi Sunak's, Brendan Clarke, Smith, Sunak, Boris Johnson, of Canterbury, King Charles, Robert Reed, Clarke, Michael Holden, Kate Holton, Angus MacSwan Organizations: British, Property Management, REUTERS, Conservative, Reuters, Conservative Party, European Union, Thomson Locations: Kigali Rwanda, British, Rwanda, London's, East Africa, Syria, Iraq, Iran, Vietnam, Sudan, Europe, Britain, East, Africa, Afghanistan, Angus

☆ Three Californians got $40,000 to build tiny homes in their backyards. They share how it's made their lives better and easier.
▼ + stars: | 2023-10-03 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +11 min

Some California residents got $40,000 in grant money to build tiny homes on their properties. AdvertisementAdvertisementThousands of California homeowners got a $40,000 check from the state to build a tiny home in their backyard last year. California is reviving the ADU grant program again, but details are being worked out. Altogether, we paid $124,000 out of pocket, got the $40,000 from the state, and a forgivable loan of $67,500. I paid for the majority of the project with my savings, and the rest with the $40,000 California ADU grant.

Persons: —, Los Angeles —, Dan Romo, Daniel Romo, Kristin Romo, Dan, Kristin, Jakota Rivas, Eric Santucci, Rivas, shutdowns, wasn't, it's, we're, Rosario Organizations: Service, Housing, HPP, California ADU Locations: California, Orange County, Napa, Los Angeles, Whittier , California, New Hampshire, Napa , California, Northern California, Napa County, Rosario, Los Angeles , California

REUTERS/Jonathan Ernst Acquire Licensing RightsOct 4 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The Japanese yen? Japanese stocks had already slumped to a four-month low before the yen's sudden burst of strength. Purchasing managers index reports from Japan, Australia and South Korea will be released, and the Reserve Bank of New Zealand announces its latest interest rate decision on Wednesday. The RBNZ is widely seen holding its key interest rate at 5.50% - the highest in nearly 15 years - and keep it there at least until March before lowering it shortly after.

Persons: Kevin McCarthy, McCarthy's, Jonathan Ernst, Jamie McGeever, Bond, Bill Gross, Fed's Schmid, Bowman, Goolsbee, Josie Kao Organizations: U.S, Capitol, REUTERS, New York Fed, Nikkei, Reserve Bank of New Zealand, Thomson, Reuters Locations: Washington , U.S, Japan, Washington, Swiss, U.S, Asia, Australia, South Korea, Zealand, Korea

☆ Opinion | Is a Recession Near? Paul Krugman and Peter Coy Look Ahead.
▼ + stars: | 2023-09-26 | by ( Paul Krugman | ) www.nytimes.com time to read: +2 min

Put it this way: If our story is that Fed tightening will produce a recession, we’d expect that to work mainly though housing, the usual channel. Indeed, Fed hikes led to a big rise in mortgage interest rates, which hit 7 percent almost a year ago and have fluctuated since then. Coy: Paul, you were right to call out those who thought we needed a punishing recession to get inflation down. The labor market has held up surprisingly well, which is wonderful. The labor market isn’t as resilient as it appears at first sight, either.

Persons: Coy, Paul, don’t Organizations: Mortgage Bankers Association

NEW DELHI/MUMBAI, Sept 25 (Reuters) - India is considering spending 600 billion rupees ($7.2 billion) to provide subsidised loans for small urban housing over the next five years, two government sources told Reuters. The scheme will offer an annual interest subsidy of between 3-6.5% on up to 0.9 million rupees of the loan amount. Housing loans below five million rupees availed for a tenure of 20 years will be eligible for the proposed scheme, the sources said. "The interest subvention will be credited upfront to the housing loan account of beneficiaries. Mails sent by Reuters seeking a response from the Ministry of Housing and Urban Development and the Ministry of Finance remained unanswered.

Persons: Banks, Narendra Modi, Modi, Sarita Chaganti Singh, Anil D'Silva Organizations: NEW, Reuters, Indian, Ministry of Housing, Urban Development, Ministry of Finance, Siddhi, Thomson Locations: NEW DELHI, MUMBAI, India, finalisation, New Delhi, Siddhi Nayak, Mumbai

☆ Gavin Newsom got grilled on '60 Minutes' about whether he intends to run for president. This time his answer wasn't 'no.'
▼ + stars: | 2023-09-25 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Gavin Newsom didn't rule out running for president when he was asked about it on "60 Minutes." Gavin Newsom has been asked many times if he plans to run for president. "60 Minutes" correspondent Cecilia Vega asked Newsom, in an interview that aired on Sunday. AdvertisementAdvertisementIn September 2022, Newsom insisted, when asked at the Texas Tribune Festival, that he doesn't plan to run for president in 2024. AdvertisementAdvertisementRumblings about a possible Newsom run are coming at an interesting moment in the Democratic Party.

Persons: Gavin Newsom didn't, Cecilia Vega, Newsom, Gavin Newsom, Vega, I've, It's, Joe Biden, Donald Trump, Biden, he'd Organizations: Service, Housing, Texas Tribune Festival, Democratic Party, GOP, Politico, Trump Locations: Wall, Silicon, California

Average 30-year mortgage rates increased just one basis point this week to 7.19%, according to Freddie Mac. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 30-Year Fixed Mortgage RatesThis week, the average 30-year fixed mortgage rate was 7.19%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.54% this week, according to Freddie Mac data. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased significantly in 2022.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, it's Organizations: Federal Reserve, Zillow Locations: Chevron

The state pays local housing authorities to maintain and operate the units whether they’re occupied or not. As of the end of July, almost 1,800 of the vacant units had been empty for more than 60 days. Doris Romero, a housing coordinator at a Boston shelter, was stunned to hear about all the vacant apartments. People interested in housing had to apply to separate local housing agencies, often in person. Since then, Hedison and other local housing officials have cited a litany of problems.

Persons: Deb Libby, Libby, she’s, ”, “, Doris Romero, ” Ed Augustus, Augustus, Maura Healey, WBUR, David Hedison, Maureen Cayer, Healey, “ It’s, WBUR’s Beth Healy, Paula Moura, Read Organizations: Gov, Housing, Worcester Locations: Worcester , Massachusetts, Massachusetts, Boston, New York , Connecticut, Hawaii, Chelmsford, Agawam, Western Massachusetts, Adams, New York, Lowell, Rhode

☆ Morning Bid: Fed vigil sees oil recoil and UK surprise
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +4 min

Canada's consumer prices raced ahead at an unexpectedly brisk clip last month, but outlier Britain got a positive surprise as inflation there fell back in August. Starts swooned last month, but building permits - which many see as a better gauge of future activity - beat forecasts and pushed higher. Although Asia bourses were in the red earlier, European stocks pushed higher and Wall St futures were positive ahead of the open too. Relief in the oil market pulled two-year Treasury yields back about 5 basis points from two-month highs at 5.12%. Key developments that should provide more direction to U.S. markets later on Wednesday:* U.S. Federal Reserve policy decision, new economic projections and press conference.

Persons: Mike Dolan, Asia bourses, Mills, Toby Chopra Organizations: Federal Reserve, People's Bank of China, Bank of England, Fed, Friday's Bank of Japan, Arm Holdings, U.S, New, . Federal, Bank of Canada, FedEx, United Nations General Assembly, Reuters Graphics Reuters, Reuters, Reuters Graphics Housing, Thomson Locations: U.S, Asia, Europe, New York City, New York

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSummaryCompanies Coty gains on raising sales forecastFederal Reserve rate verdict due at 2 p.m. The U.S. central bank is expected to maintain its key rate in the range of 5.25%-5.50% as it concludes its meeting at 2 p.m. ET, with investors focused on economic projections and Chair Jerome Powell's comments for clues on the outlook for rates and inflation. Investors were also looking forward to the debut by marketing automation company Klaviyo on the New York Stock Exchange against the backdrop of some recent successful U.S. listings.

Persons: Brendan McDermid, Jerome Powell's, Gabriele Foà, Foà, Klaviyo, Morgan, Ankika Biswas, Shristi, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, Companies Coty, Citigroup, Dow, Nasdaq, Algebris Investments, Financial, Arm Holdings, Dow e, Coty, Thomson Locations: New York City, U.S, Bengaluru

(Reuters) - U.S. stock index futures inched higher on Tuesday ahead of a Federal Reserve monetary policy meeting and as investors awaited grocery delivery app Instacart’s Nasdaq debut to assess a potential recovery in the IPO market. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. Arm Holdings last week had a stellar market debut, raising hopes of a bounce back in the initial public offering (IPO) market. Investors will closely monitor the Fed’s quarterly report on economic projections to gauge participating members’ longer-term policy outlook. While most of the key data releases on inflation are out, investors will keep an eye on U.S. housing data for August, due at 8:30 a.m.

Persons: Brendan McDermid, ”, Matthew Morgan, Alyssa Henry Organizations: Reuters, Federal, Nasdaq, New York Stock Exchange, REUTERS, Inc, Arm Holdings, Fed, Jupiter Asset, Traders, Dow e, Block, CVS Health Corp, ISI, Intel Locations: New York City, U.S, “

☆ U.S. stocks close lower as investors take cover ahead of Fed decision
▼ + stars: | 2023-09-19 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

All three indexes ended the session lower in a broad sell-off ahead of the Fed's interest rate announcement on Wednesday, which is expected to culminate in a decision to leave key interest rates unchanged. The Fed is also due to release its Summary Economic Projections, including its dot plot, which should provide a glimpse into the Federal Open Markets Committee's forecast trajectory of interest rates, inflation and economic growth. On the economic front, a jump in Canada's annual inflation rate due to rising gasoline prices, and a bigger-than-expected plunge in U.S. housing starts helped feed investor uncertainty. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. Starbucks (SBUX.O) lost ground following TD Cowen's decision to downgrade the coffee chain's shares to "underperform."

Persons: Bill Northey, Helena Montana, Northey, Michael Green, Brendan McDermid, Walt Disney, Stephen Culp, Ankika Biswas, Shristi, Aurora Ellis Organizations: Disney, Dow, Nasdaq, U.S . Federal Reserve, Federal Reserve, U.S, Bank Wealth Management, Federal, Management, Fed, Maplebear Inc, chipmaker, Holdings, New York Stock Exchange, REUTERS, Arm Holdings, Dow Jones, Starbucks, General Motors, Ford Motor, United Auto Workers, NYSE, Thomson Locations: Helena, Philadelphia, New York City, U.S, Bengaluru

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