Dow Jones Industrial Average futures rose 23 points, or 0.07%. S&P 500 and Nasdaq 100 futures rose 0.1 percent and 0.14 percent, respectively. Stocks fell on Tuesday on the first day of the Federal Open Market Committee meeting. The Dow Jones Industrial Average fell 313.45 points, or 1.01%. The S&P 500 and Nasdaq Composite fell 1.13% and 0.95%, respectively. Yields also rose on Tuesday. The yield on the 2-year U.S. Treasury note rose as high as 3.99%, its highest level since 2007. The 10-year Treasury yield briefly touched 3.6%, the highest since 2011. Investors expect the central bank on Wednesday to raise interest rates for the third time in a row by 0.75 percentage points to tame high inflation. A higher-than-expected consumer price index reading in August and hawkish comments on rate hikes from Fed leaders weighed on stocks, with more pressure likely as the central bank continues to fight inflation. “We’ll never really know if the stock market lows are in for the year without successfully testing the June lows,” John Lynch, chief investment officer at Comerica Wealth Management, said in a note Tuesday. “Certainly, the recent technical weakness in share prices must now be contrasted with the determination of monetary policymakers in their fight against inflation.” He added that the third-quarter earnings season could also add headwinds for stock prices if they see further margin erosion for US companies. Investors will also watch earnings from Lennar, KB Homes, General Mills and Steelcase Wednesday. Existing home sales will also be released Wednesday morning.
