Stock futures are flat Monday night as traders leave behind a winning month and look ahead to the Federal Reserve's interest rate decision on Wednesday.
Futures tied to the Dow Jones Industrial Average were down 1 point, near flat. Futures tied to the S&P 500 and Nasdaq 100 added 0.1%.
Monday's trading marked the end of what was the best month for the Dow since 1976, ending up 13.95%, as investors rotated out of technology and hedged hopes on stalwarts like banks. The S&P 500 and Nasdaq Composite added about 8% and 3.9%, respectively.
Big Tech was in the spotlight last week as giants saw shares slide on disappointing earnings, weighing on the Nasdaq at times. Meanwhile, strong performances in earnings from Dow members such as Caterpillar and McDonald's sent the index on an upward ascent over the course of the week.
Earnings season continues Tuesday with Uber, Pfizer and Fox before the bell and Advanced Micro Devices and Airbnb after.
Tuesday also brings the start of the Fed's November meeting, which many market participants expect to result in a 75 basis point interest rate hike. Many will look to the central bank's statement and Fed Chair Jerome Powell's question and answer segment for clues around policymakers' battle against inflation.
"We're pretty confident that the market participants seem to be pricing in a 75 basis point increase," said Jason Ray, founder of Zenith Wealth Partners. "But looking ahead, how they're going to address [it] and see if they change their language on inflation or the pace of rate increases in the future will be something that we keep a keen eye on."
Investors will also be watching for economic releases on Tuesday, including job openings data and construction spending for September, as well as the ISM manufacturing report for October.
"Exit" - Google News
November 01, 2022 at 05:58AM
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Stock futures flat as indexes exit winning month and investors look to Fed meeting - CNBC
"Exit" - Google News
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