U.S. stock futures posted modest gains on Wednesday as investors awaited a Federal Reserve decision that could open another round of interest-rate increases in the coming months.
At 4:32 p.m. (Bangkok time), Nasdaq-100 contracts gained 0.35%, while S&P 500 futures added 0.15%. Dow Jones Industrial Average futures advanced 113 points, equivalent to 0.03%.
The gains followed a lower close for stocks on Tuesday, when selling in bonds plunged equity sentiment. That sell-off has driven the 10-year yield to a level not seen since the financial crisis.
Futures’ movement indicated a strong expectation of a quarter-percentage-point rise. The CME FedWatch tool put the probability of that move at 92%, with the Fed’s target range currently standing at 3.5% – 3.75%. Expectations for tighter policy come despite White House calls for the central bank to hold borrowing costs steady.
Inflation figures showed a slower annual pace but continued pressure in underlying prices. August’s consumer price index was 3.4% higher than a year earlier, but down from the recent peak of 4.2% recorded in May. The monthly increase of 0.4% matched expectations. Excluding food and energy, however, prices climbed 0.3%, exceeding forecasts.
Crude’s advance paused on Wednesday, with the U.S. West Texas Intermediate futures moved 1.46% lower to $104.28 per barrel, while Brent futures slipped 0.88% to $107.79.
Digital assets faced a separate setback after a procedural vote in the Senate failed to advance the Clarity Act, a proposed regulatory framework for the sector. Cryptocurrency prices fell sharply, with bitcoin losing 2% to trade around $75,000.
Beyond Wednesday’s decision, futures reflected a 45% probability of another quarter-point increase at the October meeting and a 30% probability of one at the December meeting.
