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Stocks Sour in Pre-Fed Trade

EQUITIES
  • US equity markets traded lower Tuesday, with all three major US indices in the red ahead of the much-anticipated Fed meetings on Wednesday. Equity futures got off to a solid start, but began to ebb lower following the opening bell to chew through the late Monday gains.
  • Real estate and materials names were the poorest performers, with consumer discretionary and communication services not far behind. Energy and industrials were among the session's only gaining sectors, although financials drew some support from the steeper US yield curve.
  • The VIX managed to pick up further off the Monday low, with the index showing just back above 17 points. This still remains well below the 2021 average of circa 21 points.
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