Stock market today: Live updates
Traders work on the floor of the New York Stock Exchange (NYSE) on February 27, 2023 in New York City.
Stock futures are modestly lower Monday night as investors prepared for the Federal Reserve's May policy meeting to kick off.
Futures tied to the Dow Jones Industrial Average slipped 44 points, or 0.1%. S&P 500 futures and Nasdaq-100 futures each also shed 0.1%.
The moves follow modest declines in the regular trading session. The Dow and Nasdaq Composite both lost about 0.1%, while the S&P 500 finished just slightly below its flatline.
Investors were focused on the bank sector following the announcement that JPMorgan Chase won the weekend auction for troubled First Republic Bank. As part of the agreement, JPMorgan acquired all of the regional bank's deposits and a "substantial majority of assets." CEO Jamie Dimon said the deal should help end part of the industry crisis, which was initially prompted by the closure of Silicon Valley Bank in March.
But the muted activity seen in Monday's regular session is typical in the days leading up to a Fed policy meeting, according to Jamie Cox, managing partner for Harris Financial Group. Members of the Federal Open Market Committee will begin their policy meeting Tuesday, with an announcement on interest rates and a subsequent press conference expected Wednesday.
"Markets just sit around and wait until the Fed meeting begins, and then the positioning starts," Cox said. "This is sort of the calm before the storm."
Elsewhere, investors are watching for news on the debt ceiling. Treasury Secretary Janet Yellen warned the U.S. may run out of measures to pay its debts as early as June 1.
Beyond the start of the Fed meeting Tuesday, investors will watch for data on job openings, factory orders and light vehicle sales on the economic front. Uber , Pfizer and Molson Coors are among companies set to report earnings before the bell, followed by Ford , Starbucks , Advanced Micro Devices and Caesars Entertainment after the market closes.
Source: CNBC
