U.S. stock-index futures Tuesday evening were trading slightly higher ahead of a key policy update from the Federal Reserve on Wednesday. Moves for futures come after the Dow Jones Industrial Average halted the longest win streak--6 straight sessions--since Sept. 13, while the Nasdaq Composite Index carved out a second straight record closing high as investors bought large-capitalization stocks, including Facebook Inc. (FB), Microsoft Corp. (MSFT), Apple Inc. [s:AAPL], and Google parent Alphabet Inc. (GOOGL)(GOOGL), which all finished at all-time highs, prior to the meeting of central bankers that could provide fresh guidance on the U.S.'s economic outlook in the aftermath of the one of the worst viral outbreaks in more than a century. Futures for the Dow picked up 38 points in thin trading to reach 27,302, a climb 0.1%; those for the S&P 500 index rose 4.85 points, or 0.1%, at 3,210.25; while Nasdaq-100 futures advanced 27 points, or 0.3%, at 9,978. The Fed's balance sheet has ballooned from about $4 trillion in March to $7.21 trillion as of last week to support financial markets, with interest rates steady at a range of 0% and 0.25%. At the Fed's last meeting, the central bank discussed strengthening forward guidance in the future so the market is more confident that interest rates will remain low and policy makers also talked about backing the guidance up by putting a cap of short-term rates, known as yield-curve control. It's unclear how the Fed's policy might shift in the face of May's labor report, with data from the Labor Department last Friday showing that 2.5 million jobs were created on the month rather than millions than had been expected to be lost amid the COVID-19 pandemic. During Tuesday's regular session ( ), the Dow shed 300.14 points, or 1.1%, to end at 27,272.30. The S&P 500 index fell 25.21 points, or 0.8%, closing at 3,207.18, while the Nasdaq Composite Index advanced 29.01 points, or 0.3%, finishing at a record 9,953.75, after briefly touching an all-time intraday high of 10,002.50.
-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 09, 2020 19:33 ET (23:33 GMT)
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