|Day's Range||6,710.01 - 6,931.81|
|52 Week Range||6,630.67 - 8,133.30|
The highly-anticipated two-day FOMC meeting kicks off, FedEx and Micron report earnings and November homebuilding will be released on a busy Tuesday.
Futures on all three major stock indexes were higher following their plunge on Monday. Investors are focusing on the Federal Reserve meeting that ends on Wednesday.
Investor Paul Meeks is avoiding the sector that made him famous on Wall Street. Meeks, who's known for running the world's biggest tech fund for Merrill Lynch during the dot-com boom and subsequent collapse, sees more trouble ahead for the tech-dominated Nasdaq. "It's too early to buy," he said Monday on CNBC' " Trading Nation ." "What I would like to see is to get through the Christmas period.
Market technicals appear to be dictating the action, at least until the Federal Reserve takes the stage tomorrow.
U.S. futures pointed to a partial recovery for the three major stock indexes at Tuesday's open after another sharp sell-off.
Stocks in Asia were lower on Tuesday following an overnight sell-off on Wall Street sparked by concerns of a slowdown in the global economy. In an address to commemorate the 40th anniversary of China's economic reforms on Tuesday, Xi called for his country to "stay the course" on its current path of reform and emphasized that " no one is in a position to dictate to the Chinese people what should or should not be done. Xi's remarks were being closely watched as investors sought clues on whether the Chinese leader's idea of progress aligned with the West's increasingly vocal demands for less state control, which could have implications on whether the U.S. reaches a trade deal with China by the end of its 90-day tariff ceasefire.
The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all slumped Monday as investors waited for signals from the Federal Reserve.
2:56 p.m. Sometimes all you need is gravity to cause the Dow Jones Industrial Average to crater. The Dow has fallen 453.23 points, or 1.9%, to 23,647.28, while the S&P 500 has dropped 1.9% to 2551.77 and the Nasdaq Composite has slumped 2% to 6774.02. “U.S. equities continued to slide, the S&P500 down 1.4% to the lowest level since April (and down 13% since October), with no major fresh news out overnight,” was how Westpac Financial’s Imre Speizer and team described the losses to their clients.