After this week's backslide, the Dow Jones Industrial Average (DJIA) is stuck in a rut, dragging the index below 38,000.00 as investors buckle down for another rate call from the US Federal Reserve (Fed). With rates broadly expected to hold steady this week, investors will be looking for firmer clues about when the Fed could be expected to begin cutting interest rates.
US Interest Rate Decision: Fed set to keep policy steady as markets reassess timing of rate cuts
The US ISM Manufacturing Purchasing Managers Index (PMI) for April came in softer than expected, but Wednesday morning’s April ADP Employment Change came in above forecasts. Despite a declining US economic outlook, a tight labor market makes it difficult for the Fed to adjust policy rates without drastic knock-on effects that could include re-igniting inflation, which still remains higher than many hoped.
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Of the 30 securities that comprise the Dow Jones, around half of them are trading in the red on Wednesday as markets pull into the midrange ahead of the latest Federal Open Market Committee (FOMC) appearance. Nike Inc. (NKE) is down around 1.8% on the day, with Johnson & Johnson (JNJ) and 3M Co. (MMM) dragging the index higher, up 4.3% and 2.5%, respectively.
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