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Futures Coiled Ahead Of Fed Decision, Biden-Putin Summit

US equity futures rebounded from a modest overnight drop in a rangebound session, coiled as investors turned cautious ahead of a policy decision from the Federal Reserve which some such as DB’s Jim Reid have called the “most important for Powell’s career” (preview here). Oil extended a powerful rally and the dollar fell. Emini S&P futures were unchanged at 4,236.5 following Tuesday’s modest drop which snapped a three-day winning streak amid weakness in technology and real estate; Nasdaq 100 futures rose 0.2%. The 10-year Treasury yield hovered around 1.5%. The dollar edged lower versus major peers, and bitcoin dropped back under $40,000.

“The FOMC meeting is unlikely to offer any surprises today as the Fed has painted itself into a corner,” Kaia Parv, head of investment research at FXPRIMUS, wrote in emailed comments. “The Fed is clearly hesitant to disturb the markets since an increasing portion of U.S. household wealth is tied to equity investments.”  Here are some of the biggest U.S. movers today:

  • Arrival (ARVL) jumps 11% in premarket trading, after climbing 6% on Tuesday, amid increasing references to the stock on Reddit. Other meme stocks are falling with GameStop (GME) down 1.1% and AMC Entertainment (AMC) slipping 1.6%.
  • BioNTech ADRs (BNTX) fall 2.2% after Redburn cuts its rating to sell from neutral on an “excellent company” as it waits for a more attractive entry point following a strong rally in the shares.
  • Blue Apron (APRN) tumbles 13% in premarket trading after the meal-kit company said it plans to sell shares.

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