US Stock-Index Futures Edge Higher as Fed Meeting Begins

The Nifty breached 9,600 points before closing at 9,616.4 points 0.49% lower

The Nifty breached 9,600 points before closing at 9,616.4 points 0.49% lower

The Dow rose to a record high as advances in shares of Visa and those of Cisco, recently up 1.8 percent and 1.6 percent respectively, outweighed declines in shares of General Electric and those of Verizon, recently down 1.6 percent and 1.4 percent respectively. "I don't sit in the camp that we will see a prolonged pullback in USA tech, but there is a good chance this hot sector now underperforms and I had been suggesting increasing exposure to USA financials as a trade", Chris Weston, chief market strategist at IG in Melbourne, wrote in a note.

The Nasdaq Composite was on track for its biggest two-day loss since September, as a bout of profit-taking in the richly-valued technology stocks took a toll on Wall Street.

In the equity market, big technology names like Microsoft (Euronext: MSF.NX - news) and Alphabet (Xetra: ABEA.DE - news) helped prop up US stocks, along with materials and energy shares.

The S&P technology sector was down 1.4 percent as other closely watched stocks, including those of Microsoft, Facebook, Netflix and Alphabet, also took a hit.

Investors will scrutinize the Fed's words to see if they support expectations that the central bank will signal another interest rate hike is coming this year.

"If (the rebound) holds and the Fed does raise rates tomorrow, it would bode very well for bulls".

Wall Street gained, pushing the Dow Jones Industrial Average to a record high, as Federal Reserve policy makers started a two-day meeting after which they are widely expected to announce an increase in interest rates.

Seven of the 11 major S&P sectors were higher.

Preds even Stanley Cup Final at 2-2, beat Penguins 4-1
So if your hard-working employee turns up a little late today, I hope you can show mercy and not throw them in the penalty box. And most importantly: Who will win the series? "It's hard to win when you score one goal, " Penguins coach Mike Sullivan said.

Nasdaq futures are down 0.9% amid a selloff in technology shares following a warning from Goldman Sachs that the sector may be overextended.

The U.S. Treasury Department unveiled a plan on Monday to reduce restrictions that big banks face in their trading operations, ease their annual stress tests, and curb the powers of the Consumer Financial Protection Bureau (CFPB).

USA three-year Treasury yields hit 1.511 percent, their highest since May 16, while two-year yields touched their highest in a month at 1.367 percent.

US crude and Brent were both 0.35 percent higher at $45.99 and $48.32 a barrel, respectively.

In corporate news, Cheesecake Factory shares fell 9.9 per cent after the restaurant chain warned of a decline in comparable store sales.

Mizuho Securities cut its rating on Apple to "neutral" from "buy" on Monday, saying the stock had outperformed this year and that the "upcoming product cycle is fully captured at current levels".

Declining issues outnumbered advancers on the NYSE by 1,433 to 1,388. On the Nasdaq, 1,206 issues rose and 1,166 fell.