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LivestreamMenuTraders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., Sept. 15, 2026. Jeenah Moon | Reuters
U.S. equity futures were little changed on Tuesday evening ahead of a pivotal interest rate decision from the Federal Reserve that could mark the beginning of a new hiking cycle over the next few months.
Futures tied to the Dow Jones Industrial Average were up 0.08%. S&P 500 futures were up 0.09%, and Nasdaq-100 futures were up 0.07%.
Futures markets were pricing in a quarter-point hike for Wednesday with 92% odds, according to the CME FedWatch tool. Odds of an additional quarter-point hike were 45% for the Fed’s October meeting and 30% for the Fed’s December meeting. The current target rate range is 3.5% to 3.75%.
The central bank’s decision on Wednesday comes amid pressure from the White House to leave rates where they are. Council of Economic Advisers chairman Christopher Phelan told CNBC on Tuesday that it would be a “mistake” for the Fed to raise rates.
“[It] doesn’t make sense to raise rates now in my view,” Phelan said, adding that “inflation data has been in the right direction.”
The 12-month rate on the consumer price index came in at 3.4% in August, marking a cooling from the recent high of 4.2% in May. On a month-over-month basis, CPI rose 0.4% last month, in line with expectations, though core inflation, which removes the more volatile categories of food and energy, rose 0.3%, which was more than expected.
Crude oil prices rose Tuesday as Saudi Arabia reportedly cancelled some shipments following drone attacks on its key export pipeline. U.S. West Texas Intermediate increased 4.4% to $105.83 per barrel, its highest closing price since May 19. Brent crude futures rose 2.9% to settle at $108.75.
Treasury yields have been spiking on the expectation of higher prices in the economy, with the 10-year last slightly above 5% and the 30-year at 5.369%.
Amid the tense geopolitical backdrop, U.S. stocks took a dive on Tuesday, with the Dow Industrials dropping 0.63%, the S&P 500 falling 0.45%, and the technology-heavy Nasdaq Composite losing 0.78%.
Semiconductors, cloud service providers, and other technology stocks were mostly down Tuesday following discussion over the weekend by the heads of large language model companies that they could potentially slow down the pace of product releases.
59 Min Ago
30-year fixed mortgage rate now tops 7.2%
The average rate on a 30-year fixed mortgage is now 7.22%, according to Mortgage News Daily.
That’s the highest rate since Jan. 14, 2025.
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30-year fixed rate mortgage in 2026
The jump in the 30-year fixed rate mortgage comes as the benchmark 10-year Treasury yield topped 5% and reached its highest level since 2007. Movement in the 30-year fixed mortgage rate is influenced by the 10-year Treasury yield.
—Gina Francolla, Darla Mercado
1 Hour Ago
Stock futures open flat on Tuesday night
U.S. stock futures opened little changed on Tuesday night in New York.
Futures tied to the S&P 500 were up 0.09%, while Nasdaq-100 futures gained 0.07%. Futures linked to the Dow Jones Industrial Average advanced 41 points, or 0.08%.
—Darla Mercado
