US stock futures were slightly higher today, building on the strong momentum of the last few days. The market has also been able to reach new highs for the year.
After seven weeks of positive performance, the optimistic market sentiment could be tested today by the Federal Reserve’s meeting.
This meeting comes at a time when inflation in the US remains elevated and has not declined further as shown by yesterday’s inflation data.
Consequently, the Federal Reserve could try to moderate the market expectations for an early rate cut. Traders could turn to the dot plot for clues on the potential direction of monetary policy.
Every sector in the S&P 500 has seen growth since the market’s rebound from its October low, except for the energy sector. The latter has been impacted by the continuous fall in oil prices since the end of September.
Technology stocks traders could turn to the release of Adobe’s earnings results for more hints on the state of the industry after the US market close today even though their impact could be minimal compared to the Federal Reserve’s.
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