Remember, the S&P 500 futures were upbeat early yesterday before a sharp fallout just ahead of the bell.
Global recession fears are being echoed loud and clear after three central banks (from New Zealand, India, and Thailand) cut rates and German Industrial Production fell sharply.
U.S benchmarks suffered their worst day of the year Monday and extended losses early last night after the U.S Treasury labeled China a currency manipulator.
Yuan to breach the psychological 7-level and hit the weakest level against the U.S. Dollar since April 2008.
S&P 500 futures finished sharply lower after President Trump announced via Twitter a September 1st deadline before adding a 10% tariff on $300 billion of Chinese goods.
Expectations mounted for dovish rhetoric from the Federal Reserve yesterday and realistically those expectations became nearly impossible to meet.
It’s Fed Day and the committee is expected to cut rates by 25 basis points at 1:00 pm CT. The real uncertainty today lies in their rhetoric.
U.S benchmarks are lower this morning just as the week heats up. First, the Federal Reserve begins its two-day policy meeting today and concludes tomorrow at 1:00 pm CT. A cut of 25 basis points is fully expected and the probability for 50 basis points hovers at 25%
The market is overall quiet after a new record close for the S&P on Friday. Reports that high-level U.S officials are traveling to China for a fresh round of trade talks has had little impact on an already firm tape.
Summer trade and GDP smashes expectations printing 2.1% vs 1.8% estimate. What's the Fed do now with rates?