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Traders see a 91% chance of a 25 basis point rate hike by the
U.S. central bank at the conclusion of its meet on Wednesday.
However, investors are likely to focus on projections showing
just how far policymakers think rates will need to rise this
year and in 2023 and 2024 to tame inflation.
Big banks, set to benefit from the first rate hike since 2018,
traded mixed, while megacap growth names Microsoft Corp and Meta
Platforms Inc both gained 0.7% to lead gains among tech titans.
Delta Air Lines Inc and United Airlines jumped 2.4% and 2.8%,
respectively, as the U.S. carriers raised their current-quarter
revenue forecasts, highlighting a recovery in air travel as the
Omicron variant loosens its grip on the country.
Still, a lack of progress in Ukraine-Russia talks to end their
weeks-long conflict weighed on sentiment, with the Kremlin
saying it was too early to make predictions about the possible
results.
Marathon Oil fell 4.4% in premarket trading to lead losses among
oil and gas producers. Crude prices slid to $100 a barrel after
scaling as much as $139 last week on fears of supply disruptions
following Western sanctions on Russian oil. [O/R]
Semiconductor makers Qualcomm Inc, Micron, Nvidia Corp and
Advanced Micro Devices slipped between 0.3% and 0.6% as worries
of another round of chip shortages mounted after China sealed
off key electronics hub Shenzhen to control a spike in COVID-19
cases.
At 7:08 a.m. ET, Dow e-minis were up 34 points, or 0.1%, S&P 500
e-minis were up 10.5 points, or 0.25%, and Nasdaq 100 e-minis
were up 57 points, or 0.44%.
The CBOE volatility index, also known as Wall Street's fear
gauge, rose for a third straight session.
(Reporting by Devik Jain in Bengaluru; Editing by Sriraj
Kalluvila)
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