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Dow futures tumbled nearly 150 points and futures for the other major indexes pointed to losses at the open on Tuesday.
Investors are looking ahead to the State of the Union address by President Donald Trump, while a busy day for corporate earnings will see big names such as McDonalds Corp. and Pfizer Inc. report results.
Dow Jones Industrial Average futures slid 146 points, or 0.6%, to 26,285, while those for the S&P 500 index dropped 10.6 points, or 0.4%, to 2,843. Nasdaq-100 futures fell 29.4 points, or 0.4%, to 6,963.75.
U.S. President Donald Trump will deliver his first State of the Union address at 9:00PM ET- an hour-long speech to Congress and the nation with the theme: “Building a safe, strong and proud America.”
The Federal Reserve kicks off its two-day policy meeting today, which will be the last under the leadership of Janet Yellen before she hands the chairmanship over to Jerome Powell.
The U.S. central bank is widely expected to keep interest rates unchanged. Investors, however, will be focusing on the central bank’s assessment of the economy and inflation for hints on the monetary policy outlook.
This week’s earnings rollout, with over 100 S&P 500 names due to report, kicks off in earnest on Tuesday. However, some of the biggest names will come later in the week. Facebook Inc. is set to report Wednesday, while Apple, Google parent Alphabet Inc. and Amazon.com Inc. are all scheduled on Thursday.
On the technical charts, Dow is trading in the negative zone, but above all the moving averages (9day, 20 day, 50 day, 100 day and 200 day). The RSI has pulled back from 89 to 78 and the MACD is ready to make a negative crossover below the signal line.
Buy digital Put options between 26,255 and 26,220, valid until 23:00 GMT January 30th 2018