Stocks Head Lower Ahead of Fed Decision |
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Wed, 21 Mar 2007 11:52
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NEW YORK (AP) - U.S. stocks headed for a moderately lower opening Wednesday as investors await the Federal Reserve's latest take on the economy and any hint of the central bank's plans for short-term interest rates.With the Fed set to end a two-day meeting, investors will be awaiting to see whether its midafternoon statement will address a recent perception of a further slowdown in the economy. The Fed left interest rates unchanged at its last five meetings after a string of 17 straight increases that began in 2004. While the Fed isn't expected to move on rates Wednesday, investors will be anxious for any sign of where the Fed might go next.On a day in which most of Wall Street's attention will be squarely on the Fed, a few key earnings reports should also draw interest. Morgan Stanley and FedEx Corp. plan to report quarterly results. After the closing bell Tuesday, Oracle Corp. and Adobe Systems Inc. turned in stronger-than-expected results.Wednesday's session follows two days of gains on Wall Street and after gains in Asia Wednesday. In Europe, stocks traded lower Wednesday morning.Dow Jones industrials futures expiring in June fell 13 points, or 0.10 percent, to 12,372. Standard & Poor's 500 index futures fell 1.80, or 0.13 percent, to 1,421.60, while Nasdaq 100 index futures slipped 0.50, or 0.03 percent, to 1,791.75.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Banking and insurance highlights to 15:45 GMT 