U.S. markets are on track to continue their recent slide today after closing out the worst month since September, the Associated Press reports. Futures for the S&P 500 fell 0.4% before the bell, while futures for the Dow Jones Industrial Average lost 0.2%.
All eyes will be on the Federal Reserve today, but few expect the U.S. central bank to make any change to its main lending rate, which is at its highest level in more than two decades. Most analysts think the Fed will leave its main interest rate alone when it closes its latest policy meeting; however, there is plenty of anxiety about what Chair Jerome Powell may signal about possible rate cuts later this year.
CVS Health tumbled 12.1% before the bell this morning after the health care giant and retail pharmacy chain badly missed analysts’ first-quarter targets and slashed its full-year profit forecast.
Coffee chain Starbucks also skidded more than 12% after it lowered expectations for its full-year sales and profit after a disastrous quarter that saw a 2% decline in sales.
Technology hardware maker Super Micro Computer fell even further — 13% — after it missed Wall Street’s sales targets and lowered its profit margin guidance.
On the winning side early today was Amazon, which reported strong first-quarter numbers after the bell Tuesday.
Benchmark U.S. crude fell $1.45 to $80.48 per barrel. Brent crude, the international standard, lost $1.35 to $84.98 per barrel.
The U.S. dollar rose to 157.87 Japanese yen from 157.74 yen.
