Stock Market News: Dow Jones Futures Drop as Fed Meeting Begins, Instacart IPO Debut, Housing Starts and Permits Mixed

Stock Market News: Dow Jones Futures Drop as Fed Meeting Begins, Instacart IPO Debut, Housing Starts and Permits Mixed

Dow Jones futures, along with S&P 500 futures and Nasdaq futures, dropped on Tuesday morning as investors awaited the start of the Federal Reserve’s two-day meeting on monetary policy. The market expects that the Fed will not raise its interest rate target, with a 99% chance of interest rates remaining steady, according to the CME FedWatch Tool.

In other news, the Instacart IPO will debut on Tuesday, with shares priced at $30 per share, valuing the company at nearly $10 billion. This follows the company’s decision to raise its target price range for the IPO after the successful debut of Arm.

The housing starts and permits for August, released by the Commerce Department, were mixed compared to Wall Street’s estimates. While starts fell short of the target, permits exceeded expectations.

In the stock market today, AutoZone reported a decline of 2.5% in its earnings results on Tuesday. Meanwhile, tech giants such as Tesla, Nvidia, Apple, and Microsoft traded higher ahead of the market open.

Oil prices continue to trade near their 2023 highs, with West Texas Intermediate futures rising around 0.5% in morning action and trading above $91 a barrel on Tuesday.

Looking at individual stocks, Dow Jones leader Caterpillar is approaching a new buy point after strong gains since early June, while chip giant Intel is in buy range following a breakout move last week.

Airbnb, Amazon, Axon, and Quanta Services are among the stocks to watch. Airbnb is tracing a cup-with-handle base, Amazon is back below a buy point after a short-lived breakout, Axon is rebounding from a cup with handle, and Quanta Services is trading below a buy point and its 50-day support level.

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In the cryptocurrency market, Tesla stock skidded after Goldman Sachs reiterated a neutral rating, and Apple and Microsoft stocks showed mixed performance.

Overall, the stock market continues to face challenges, with the three main indices remaining below their 50-day moving averages. It is important for investors to stay informed and cautious during this time.

– Department of Commerce
– CME FedWatch tool
– IBD MarketSmith

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2023-09-19 13:56:43
#Stock #Market #Update #Dow #Jones #Futures #Drop #Ahead #Federal #Reserve #Meeting #Instacart #IPO #Begins #Trading

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