The benchmark S&P 500 and the Dow closed at record highs for the second straight time in the previous session, with most of the heavy lifting done by...
- U.S. stock index futures slipped on Wednesday, with investors avoiding big bets as they awaited more clues on the health of the economy and the outlook for interest rate cuts after the Federal Reserve kicked off its policy easing cycle a week ago.
Odds that the central bank will lower borrowing costs by another 50 basis points at its November meeting have ticked up to 58.2%, from a coin toss earlier in the week, as per the CME Group's FedWatch Tool. Traders see borrowing costs falling by nearly 79 bps before the year ends, as per LSEG data. The S&P 500 is also trading at valuations high above longterm averages, and analysts forecast further upside momentum for stocks to be weak.
Tyson Foods lost 1.4% after Piper Sandler downgraded the meatpacker to "underweight" from "neutral", while Hewlett Packard Enterprise rose 2.4% after Barclays raised its rating on the stock to "overweight" from "equal-weight". WASHINGTON — Congress is expected Wednesday to give swift approval to a temporary spending bill that would keep federal agencies funded when the new fiscal year begins next Tuesday, avoiding a potential shutdown showdown just weeks before the Nov. 5 election.A new weather warning for heavy rain has been issued by the Met Office which could cause further widespread flooding and travel disruption.
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