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Wednesday, 15 July 2020
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The News and Media Division of The Insight Partners
Tuesday, 09 Jun 2020 05:00 pm

Futures fall as recovery rally pauses ahead of Fed meeting

U.S. stock index futures dropped on Tuesday, giving back some gains after the Nasdaq notched a record closing high in the previous session, with focus now on the Federal Reserve’s two-day policy meeting.

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Stocks in the travel industry including American Airlines Group Inc, United Airlines Holdings Inc, Alaska Air Group Inc and Marriott International Inc shed between 4.5% and 9.0% in premarket trading after surging on Monday.

While no major policy announcements are expected when the U.S. central bank wraps up its meeting on Wednesday, policymakers will issue economic projections for the first time since December, before a decade-long economic expansion was brought to a grinding halt due to coronavirus-induced lockdowns.

Last week’s strikingly strong employment data for May strengthened views that the worst of the economic fallout from the pandemic was over, and is also expected to be discussed at the meeting.

The Nasdaq’s record closing high on Monday confirmed a bull market began when markets hit a low on March 23, according to a widely used definition. The S&P 500, which is about 5% below its own all-time high, also erased its year-to-date losses.

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Tags Futures Federal Reserve Nasdaq Stock Shares Travel industry

Neha Pandey

Aware of her elements, Neha writes the best articles across industries including electronics & semiconductors, automotive & transportation and food & beverages. Being from the finance background she has the ability to understand the dynamics of every industry and analyze the news updates to form insightful articles. Neha is an energetic person interested in music, travel, and entertainment. Since past 5 years, she written extensively on sectors like technology, finance and healthcare.


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