Stock Futures Edge Higher as Wall Street Mulls Fed's Next Move
New York (Sept 6) Stock futures edged higher in the return from the long Labor Day weekend as markets continued to mull over the Federal Reserve's next big move.
S&P 500 futures were up 0.07%, Dow Jones Industrial Average futures climbed 0.06%, and Nasdaq futures added 0.08%.
A weaker jobs report on Friday brought slight relief over diminished chances of a September rate hike, pushing benchmark indexes to clock modest gains. The chances of a September hike in interest rates from the Fed currently sit at 21%, according to CME Group Fed funds futures. September's chances were at 24% before the jobs report.
The Fed will next meet in two weeks. Fed members have recently taken a hawkish turn, shifting their tone to suggest another rate hike is warranted.
"The stock market has been in a narrowing trading range for the last 30 days and I would expect a 'wait and see' attitude until our Fed meeting," Rick Keller, chairman of the board at First Foundation, told TheStreet.
In deal news, General Electric (GE) announced Tuesday it acquired two 3D printing companies in Europe for $1.4 billion. GE bought Arcam and SLM Solutions, both suppliers of additive manufacturing equipment, as it looks to bulk up the use of 3D printing in the manufacturing of jet engines and cars. GE E intends to maintain the headquarters and management for each company. GE shares rose 0.3% before the bell.