September 28, 2022

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S&P 500 futures fell inches ahead of the Federal Reserve's September meeting this week

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

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

Michael M. Santiago | Getty Images News | Getty Images

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

Futures linked to the broad market index were down 0.24% in pre-market trading. Dow Jones Industrial Average futures dropped 0.16%, while Nasdaq 100 futures declined 0.47%.

Stocks fell on Friday as investors reacted to a hotter-than-expected inflation report and a gloomy warning from FedEx about the “significantly deteriorating” global economy. The Dow Jones Industrial Average fell 139 points, while the Standard & Poor’s lost 0.7% and the Nasdaq Composite lost 0.9%.

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

“With the S&P 500 hovering below the critical 3900 level and the 10-year Treasury yield approaching more than 3.5%, the Fed’s sensitive two-year Treasuries shrug off 3.9%, suggesting that the Fed’s aggressive campaign to kill Crosby, chief global strategist at LBL Financial, “Inflation needs to be taken seriously.” The canary in the coal mine may not have died yet, but it is probably struggling to breathe.

Aside from the Fed meeting, there are a handful of economic data released this week, including August housing starts on Tuesday and initial jobless claims on Thursday.

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There are also a few dividend companies on deck, including Costco, Darden Restaurants, General Mills, and Lennar.

CNBC’s Patti Doom contributed to this report.