Stock Market Overview
Wed, Mar 22nd, 2023
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Stocks Mark Time Ahead of FOMC Results
Barchart - Wed Mar 22, 10:03AM CDT
What you need to know…
The S&P 500 Index ($SPX) (SPY) today is up +0.25%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.14%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.44%.
U.S. stock indexes this morning are modestly higher, with the S&P 500 and Dow Jones Industrials posting 1-1/2 week highs and the Nasdaq 100 posting a 6-week high. Stocks are slightly higher today as they await today’s interest rate decision from the Fed.
The federal funds futures market is discounting an 80% chance for the Fed to raise its federal funds target range by 25 bp to 4.75-5.00% from the current 4.50-4.75%. The FOMC will also issue updated interest rate projections and offer guidance on whether they still expect additional interest rate increases this year. The markets will also scour post-FOMC meeting comments from Fed Chair Powell, who may adopt a more cautious approach to tightening monetary policy due to the banking system's confidence crisis.
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