LIVE MARKETS-US stocks dip amid the continuing Middle East conflict; Fed meeting kick off
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U.S. STOCKS DIP AMID THE CONTINUING MIDDLE EAST CONFLICT; FED MEETING KICK OFF
Wall Street's main indexes are modestly lower early on Tuesday as the Israel-Iran conflict entered its fifth day, denting global investor confidence ahead of the Federal Reserve's upcoming monetary policy decision on Wednesday.
Nearly all S&P 500 .SPX sectors are red with healthcare .SPXHC, down about 1%, taking the biggest hit.
Energy .SPNY, up about 1.5%, is the sole gainer. This with NYMEX crude futures CLc1 rebounding around 2%.
Under the surface, chip stocks .SOX are slightly positive.
As for the latest FOMC meeting, the results of which are due Wednesday afternoon, Nicholas Colas, co-founder of DataTrek Research, had this to say in a note regarding what to expect from the Summary of Economic Projections (SEP):
"We expect the committee to lower its 2025 economic growth projection, raise its estimate of current unemployment, keep its inflation projections unchanged, and still forecast 2 rate cuts over the balance of the year."
Colas added "It will, in short, be another SEP that confuses both the press corps and markets. Chair Powell will have his work cut out for him when it comes to explaining the new SEP."
Here is a snapshot of where markets stood just shortly after 10:00 a.m. EDT:
(Terence Gabriel)
EARLIER ON LIVE MARKETS:
NASDAQ COMPOSITE: TRADERS BRACE FOR BULLISH BREAKOUT OR BEARISH TURN CLICK HERE
IRAN-ISRAEL FACE-OFF COULD TURN TEHRAN'S OIL CARD INTO MARKET KRYPTONITE CLICK HERE
WILL THE REAL VOLATILITY PLEASE STAND UP? CLICK HERE
EU DEFENCE: UBS FLAGS RISKS OF SLOWING REVISIONS CLICK HERE
EM ASIA AND ROTATION OUT OF US STOCKS CLICK HERE
STOXX AT 3-WEEK LOW, OIL STOCKS TOP GAINERS IN JUNE CLICK HERE
BEFORE THE BELL: EUROPEAN FUTURES FALL, RENEWABLES EYED CLICK HERE
ISRAEL-IRAN TRUCE HOPE IN TATTERS CLICK HERE
EarlyTrade06172025
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