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A record close for the S&P and Dow

20 September, 2017, 01:11 | Author: Samuel Sharp
  • E-mini Dow Jones Industrial Average

After rising to new record highs in the previous session, stocks may see some further upside in early trading on Tuesday.

The VIX index fell below the 10% level again today.

ANALYST TAKE: "While we're not expecting any surprises out of the meeting, in terms of another rate hike for example, we should learn a lot about how the Fed plans to tighten monetary policy going forward and that will determine how USA yields and the dollar respond", said Craig Erlam, senior market analyst at OANDA.

On the US economic front, the Commerce Department released a report showing an unexpected decrease in new residential construction in the month of August.

Dow Jones Industrial Average futures YMZ7, +0.29% rose 66 points, or 0.3%, to 22,285, while S&P 500 futures ESZ7, +0.25% gained 6.05 points, or 0.2%, to 2,503.

Shares of Heineken dropped 3.8 percent in Amsterdam after Fomento Economico Mexicano, a Mexican bottler and retailer, said it sold a 5.24 percent stake in the world's No. 2 brewer for about 2.5 billion euros (US$3 billion).


A separate report released by the Labor Department showed increases in US import and export prices in the month of August.

Shares of Kohl's climbed, up 2.2 percent as of 2.09pm in NY, after the department store operator it will offer free returns for Amazon customers starting in October. The market participants will be listening for any indications or fresh hints on the chances of another rate rise this year and how many could be expected in 2018. Export prices had been expected to edge up by 0.2 percent. Technology.SPLRCT rose 0.5 percent. The Nasdaq Composite Index also ended at an all-time high, gaining 6 points, or 0.1%, to close at 6,461.

The Fed announcement will be in the spotlight on Wednesday, overshadowing a report on existing home sales in the month of August.

Chemical stocks also saw some strength on the day, while weakness was visible among biotechnology and healthcare stocks.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. However, Japan's Nikkei 225 Index jumped by 2 percent. While the German DAX Index has slipped by 0.1 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index are up by 0.1 percent and 0.2 percent, respectively.

It comes ahead of a key Fed meeting, which begins tomorrow, which should outline Janet Yellen's view of where the U.S. economy is heading over the next few months. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged up by 1.4 basis points to 2.243%.

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