Focus is squarely on Fed Chair Jerome Powell’s press conference on Wednesday for comments on the future path of interest rates and balance sheet reduction. The benchmark 10-year Treasury yield hovered at 3%, having pushed above the key psychological level on Monday for the first time since late 2018. Uncertainty around Fed’s policy move, mixed earnings from some Big Tech companies, the Russia-Ukraine crisis and the pandemic-related lockdown in China hammered Wall Street in April.
After a flurry of disappointing earnings reports, U.S. stock index futures dipped on Tuesday, as investors braced for a major interest rate hike by the Federal Reserve this week to cool rising prices. In premarket trade, Pfizer Inc fell 0.7 percent as the pharmaceutical maintained its annual sales expectations for the COVID-19 vaccine and the antiviral medication Paxlovid. The stock of Estee Lauder Cos Inc fell 9.5 percent after the cosmetics company lowered its full-year sales projection due to new coronavirus regulations in China and the Ukraine situation. Meanwhile, the Federal Reserve of the United States will begin its two-day policy meeting later on Tuesday, with traders forecasting a 93.9 percent chance of a 50-basis-point rate hike.
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The tech-heavy Nasdaq slumped nearly 13.3% last month, its worst monthly performance since October 2008 as richly-valued high growth stocks came under pressure from rising rates. Amazon.com fell 0.9% in premarket trading on Tuesday, leading losses among megcap growth stocks.
Russian President Vladimir Putin has signed a decree on retaliatory economic sanctions against the West that will forbid the export of products and raw materials to people and entities that it has sanctioned. At 07:16 a.m. ET, Dow e-minis were down 130 points, or 0.39%, S&P 500 e-minis were down 16.5 points, or 0.4%, and Nasdaq 100 e-minis were down 53.25 points, or 0.41%.
Biogen Inc dipped 3.0% after it reported a 26% fall in quarterly profit and said its Chief Executive Officer Michel Vounatsos will step down. DuPont de Nemours fell 2.9% after the industrial materials maker cut its annual sales and earnings forecast to reflect higher raw material and logistics costs.
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