Market movers this week: Fed meeting, debt ceiling deadline, and Eurozone CPI
US stock futures are slightly down as investors turn their attention to the upcoming Federal Reserve meeting and closely-watched job market data. The Dow futures contract traded down 0.22%, while the S&P 500 futures inched down 0.15%, and the Nasdaq 100 futures dipped 0.03%.
The Federal Reserve’s two-day policy-setting meeting begins today, and while they have been aggressively tightening monetary policy over the past year, concerns remain about the impact on growth. In other news, Pfizer is among the largest US companies to release their latest earnings results on Tuesday, with investors keen to see how demand for the pharmaceutical giant’s COVID-19 products is faring.
Additionally, U.S. Treasury Secretary Janet Yellen warned that the government will not be able to meet its obligations as soon as June 1 if a deal is not reached to raise or suspend the debt ceiling, earlier than many on Wall Street had expected. Finally, the Eurozone inflation edged slightly higher as regional rate-setters gear up to unveil their latest rate decision this week.