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As the Fed Makes a Decision, Stock Futures Decline to Start November

Wednesday saw a small decline in stock futures as Wall Street braced itself for the Federal Reserve’s upcoming policy announcement about interest rates following a disastrous month.

Futures linked to the Dow Jones Industrial Average decreased by 0.3%, or 113 points. Both Nasdaq 100 and S&P 500 futures saw a 0.4% decline.

Yum China Holdings, a restaurant operator, saw a 12% decline in shares after missing revenue projections for the third quarter, while Match Group, the parent company of Tinder, saw a 6.2% decline due to unsatisfactory revenue guidance for the fourth quarter. Due to inadequate sales projections for the fourth quarter, Advanced Micro Devices saw a 2% decline.

These actions take place while traders wait to see what the Fed will reveal next on policy in Washington. It is widely anticipated that central bankers will keep interest rates unchanged. The CME FedWatch Tool indicates that fed funds futures pricing indicates a greater than 99% likelihood that rates will stay where they are.

The announcement of the decision is scheduled for 2:30 p.m. ET, with a press conference with Chair Jerome Powell to follow at 2:30 p.m. ET.

Source (CNBC)

SourceCNBC
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