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S&P 500 futures inch lower ahead of the Federal Reserve’s September meeting this week

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S&P 500 futures inch lower ahead of the Federal Reserve’s September meeting this week

Traders work on the floor of the New York Stock Exchange during afternoon trading on September 13, 2022 in New York City.

Michael M. Santiago | Getty Images News | Getty Images

S&P 500 futures were slightly lower on Sunday evening after the major averages posted their worst week since June and ahead of the Federal Reserve’s two-day meeting this week.

Futures tied to the broad market index were down 0.24% in premarket trading. Dow Jones Industrial Average futures were 0.16% lower, while Nasdaq 100 futures fell 0.47%.

On Friday, stocks slid as investors reacted to a hotter-than-expected inflation report and a dismal warning from FedEx about a “significantly worsened” global economy. The Dow industrials dropped 139 points, while the S&P 500 lost 0.7% and the Nasdaq Composite shed 0.9%.

Investors are focused on the Fed’s two-day meeting, which will begin Tuesday. The central bank is expected to raise interest rates by another three-quarters of a point, although investors are also watching for guidance about corporate earnings before the next reporting season begins in October.

“As the S&P 500 hovers below the all-important 3,900 level, and the 10-year Treasury yield inches ever closer to 3.5%, the Fed-sensitive 2-year Treasury note flirts with 3.9%, suggesting that the Fed’s aggressive campaign to kill off inflation is to be taken seriously,” said Quincy Krosby, chief global strategist for LPL Financial. “The canary in the coal mine may not yet be dead, but is probably struggling to breathe.”

Beyond the Fed meeting, there are just a few economic data releases this week, including August housing starts on Tuesday and initial jobless claims on Thursday.

There are also a handful of corporate earnings on deck, including Costco, Darden Restaurants, General Mills and Lennar.

—CNBC’s Patti Domm contributed reporting.

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