U.S. stock futures maintained a narrow trading range during Tuesday’s evening sessions, following a mixed session among major benchmark indices marked by rising yields ahead of the Federal Reserve’s imminent interest rate decision.
As of 6:50 PM ET (10:50 PM GMT), Dow Jones Futures, S&P 500 Futures, and Nasdaq 100 Futures all displayed modest movements, fluctuating within a 0.1% range.
In after-hours trading, Steelcase (NYSE: SCS) registered a notable 4.3% uptick following its Q2 earnings report. The company reported earnings per share (EPS) of $0.31, surpassing the expected $0.20, with revenues totaling $854.6 million, outperforming the anticipated $829.17 million.
Looking ahead to Wednesday’s trading session, investors are anticipating that Federal Reserve policymakers will maintain the current interest rates. Simultaneously, they will closely scrutinize the Federal Open Market Committee (FOMC) statement and economic projections to glean insights into the future trajectory of interest rates.
On the earnings front, companies such as FedEx Corporation (NYSE: FDX), General Mills Inc (NYSE: GIS), and KB Home (NYSE: KBH) are slated to release their quarterly results.
During the regular trading hours on Tuesday, the Dow Jones Industrial Average dipped by 106.6 points, equivalent to 0.3%, settling at 34,517.7. The S&P 500 saw a decline of 9.6 points, or 0.2%, closing at 4,443.9, while the NASDAQ Composite slid by 32.1 points, or 0.2%, ending the day at 13,678.2.
In the bond markets, the yield on United States 10-Year Treasury notes reached a fresh 16-year high of 4.363%.
