Stock futures edged higher as investors monitored whether the emergence of the Omicron variant is likely to effect how the Federal Reserve tackles inflation
, pulling the gauge back from a record high notched last week. Contracts for the tech-focused Nasdaq-100 gained 0.2% Tuesday, and futures for the Dow Jones Industrial Average added 0.3%.
Investors are watching to see if the uptick in Covid-19 cases and the new Omicron variant changes how quickly the Fed will wind down easy-money policies that have helped fuel this year’s stock rally when it concludes its meeting Wednesday. The central bank is expected to move more quickly to,” said Hani Redha, a portfolio manager at PineBridge Investments. “Things have been fairly directionless in the lead-up to this. The market wants to see confirmation of what they’re going to do.
The new variant is likely to weigh on the global economic recovery, as some countries implement measures to slow its spread, but is also likely to prolong the labor shortages and supply-chain issues that have stoked inflation, Mr. Redha added.
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