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Maplebear Inc, parent of Instacart, secured a fully diluted
valuation of $9.9 billion after its IPO was priced at $30 per
share, the top of its indicated price range.
Arm Holdings last week had a stellar market debut, raising hopes
of a bounce back in the initial public offering (IPO) market.
Investors are also focused on the Fed meeting later in the day,
where it is widely expected the central bank will hold benchmark
interest rate at the current 5.25%-5.50% range.
Recent economic data has signaled that core inflation is
crawling toward the Fed's 2% target, though a steady climb in
oil prices remains a concern. Crude prices have gained for three
consecutive weeks, and the benchmarks are around 10-month highs.
"The market narrative has again shifted from optimism that
inflation has been dealt with to fears of an inflation
re-acceleration driven by robust consumer data and recovering
oil prices," said Matthew Morgan, head of fixed income, Jupiter
Asset Management.
"Central banks should pause here and wait and see the impact of
what they have already done rather than risk serious damage to
the economy."
Investors will also monitor the Fed's quarterly report on
economic projections to gauge participating members' longer-term
policy outlook.
Traders have fully priced in a pause by the Fed on Wednesday
when it concludes its meeting, with a 59% likelihood of interest
rates remaining unchanged in November and December, according to
CME's FedWatch tool.
While most of the key data releases on inflation are out of the
way, investors will keep an eye on U.S. housing data for August.
At 5:32 a.m. ET, Dow e-minis were up 49 points, or 0.14%, S&P
500 e-minis were up 7.25 points, or 0.16%, and Nasdaq 100
e-minis were up 24.5 points, or 0.16%.
Fintech firm Block Inc fell 1.1% in premarket trading as CEO
Alyssa Henry of its unit, Square, will exit the company after
more than nine years.
(Reporting by Ankika Biswas and Shubham Batra in Bengaluru;
Editing by Vinay Dwivedi)
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