Stock market dips ahead of Fed meeting and Instacart’s debut on Nasdaq
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Tuesday saw a dip in the stock market with the S&P 500 and the Dow Jones Industrial Average dropping roughly 0.2%, and the Nasdaq Composite falling by over 0.4%. Investors are on edge, anticipating the Federal Reserve’s latest policy meeting and updates on the Initial Public Offering (IPO) market.
Instacart, the grocery delivery service, is expected to commence trading on Nasdaq under the ticker NASDAQ:CART. The firm has set its IPO price at $30 per share, which brings its estimated value to around $10 billion. This IPO could potentially serve as a measure of the recovery trajectory of the IPO market.
Meanwhile, commodities have been under scrutiny due to rising oil prices. West Texas Intermediate saw an increase of more than 1% early Tuesday, surpassing $92 per barrel. Brent crude also experienced an uptick of just over 0.5%, reaching $95 per barrel. This surge in oil prices follows a record high for gas prices in 2023, recorded on Monday.
The Federal Open Market Committee is set to commence its meeting, with the future course of interest rates being a significant point of concern in the Fed’s ongoing battle against inflation. Investors are nearly certain that the Fed will maintain the current rates steady, as indicated by a 99% probability reflected in the CME FedWatch Tool.
Market watchers are keenly awaiting Fed Chair Jerome Powell’s remarks on the November meeting and any fresh signals about future actions from the updated Summary of Economic Projections, also known as the “dot plot.” Goldman Sachs’ chief US economist David Mericle has previously speculated that an additional rate hike to 5.5-5.75% might be projected for this year, possibly in November, but only by a slim majority.
