S&P 500 and Nasdaq 100 futures rose 0.33% and 0.42%, respectively. Futures tied to the Dow Jones industrial average also rose 0.2 percent. In regular trading, major stock averages ended the day lower after September job openings pointed to a resilient labor market. The Dow fell about 79 points, or 0.2%. The S&P 500 lost 0.41% and the Nasdaq Composite fell 0.89%. Investors are awaiting a key policy decision from the Fed, which is widely expected to announce it will raise interest rates by three-quarters of a point, the fourth consecutive increase of that size, in its ongoing effort to fight high inflation. Market participants, however, are looking for a signal that the central bank is ready to slow the pace of its rate hike plan in December. “Looking for some guidance… 75 [basis points] expected, this will hit, but what will be the forward guidance? It’s all about what’s going to happen next and what the pace of the next increases is,” said Victoria Greene, chief investment officer at G Squared Private Wealth. He spoke on CNBC’s “Closing Bell: Overtime.” On Tuesday, the ISM manufacturing index showing the share of companies reporting growth in October was 0.9 percentage points lower than in September. The JOLTS report showed 1.9 jobs for every available worker. “It’s just not a great number for the Fed, it’s still a tight labor market,” Greene said. “Well, I think they’re still between a rock and a hard place. They’re going to have to hike. Nobody likes it. Everyone wants to stop, but it’s like a car accident in slow motion. They just can’t stop hiking.” In addition to the Fed’s policy decision, investors will also be watching the housing loan applications data and the ADP employment report, both due out on Wednesday morning. Earnings season will continue on Wednesday with health care companies including CVS Health, Humana and GlaxoSmithKline before the bell. Paramount and Yum! The chips are also in the deck.
