Wall Street is poised to open lower today, according to the Associated Press. Futures for the Dow Jones industrials fell 0.4% before the opening bell today, with the S&P 500 off 0.5%.
With the jobs market still boisterous, the Federal Reserve will likely keep interest rates high well into next year. The Fed is trying to ensure high inflation gets back down to its target, and it said last week it will likely cut interest rates in 2024 by less than earlier expected. Its main interest rate is at its highest level since 2001.
The growing understanding that rates will stay higher for longer has pushed yields in the bond market up to their highest levels in more than a decade. That in turn makes investors less willing to pay high prices for all kinds of investments, particularly those seen as the most expensive or making their owners wait the longest for big growth.
In the near term, the U.S. government may be set for another shutdown amid more political squabbles on Capitol Hill. Wall Street has managed its way through previous shutdowns, however.
In energy trading, benchmark U.S. crude slipped 68 cents to $89 per barrel. Brent crude, the international standard, fell 67 cents to $91.21 per barrel.
In currency trading, the U.S. dollar rose to 148.94 Japanese yen from 148.84 yen.
