U.S. stock futures edged lower on Monday ahead of a week filled with the release of a slew of economic data, including the earnings report, jobs report, and the upcoming Federal Reserve meeting.
Futures listed on the S&P 500 Index lost 1% while those on the Dow Jones Industrial Average declined by 0.7%. Nasdaq Composite index futures plunged by 1.3%.
Federal Reserve officials are set to convene in Washington D.C. on Tuesday and Wednesday, where they will be discussing their path forward with regard to their interest rate policy. The meeting will conclude on Wednesday when Fed Chair Jerome Powell holds a press conference to discuss the latest developments.
“The FOMC’s work is not yet done, even if the recent declines in inflation and wage growth give it more time to assess the effects of past policy actions. A key challenge for the FOMC will be to execute its transition to smaller rate hikes without furthering expectations that an end to its hiking cycle is imminent,” Barclays said ahead of the Federal Reserve’s meeting.