Wall Street futures retreated early today as markets remained cautious ahead of another full slate of corporate earnings and a decision on interest rates by the U.S. Federal Reserve, the Associated Press reports. Futures for the Dow slipped 0.4% before the bell, and futures for the S&P fell 0.5%.
For the first time in nearly two years, the Federal Reserve is expected to keep its key short-term interest rate unchanged for a second straight policy meeting. Inflation has tumbled, even though hiring, consumer spending, and economic growth have remained robust; however, Powell and his colleagues at the Fed have not taken the possibility of another rate hike off the table.
In premarket equities trading, CVS Health dipped about 1% after it posted better-than-expected third-quarter sales and profit but trimmed its adjusted per-share earnings expectations for the year.
Oil prices were higher as Israeli airstrikes leveled apartment buildings in Gaza and ground troops battled Hamas militants inside the besieged territory. Worries that fighting could escalate beyond the latest Israel-Hamas war, potentially disrupting supplies, have roiled oil markets in recent weeks.
U.S. benchmark crude oil advanced $1.55 early today to $82.57 per barrel. Brent crude, the international standard, picked up $1.55 to $86.57 per barrel.
The dollar weakened, trading at 151.22 yen.
The 10-year Treasury yield ticked lower to 4.88% early this morning from 4.92% late Tuesday.
