Stocks Set for Monthly Drop as Traders Await Fed – Europe Market Wrap

Stock markets fell on the last day of the month amid concerns that the Federal Reserve will maintain its hawkish stance at its meeting on Wednesday.

S&P 500 futures indicated to a weaker opening on Wall Street, while Europe’s benchmark Stoxx 600 fell 0.4%. Car manufacturers Volkswagen, Mercedes-Benz, and Stellantis all dipped, offsetting better-than-expected European economic statistics. 10-year Treasury rates remained unchanged at 4.62%.

Equities are on the verge of ending their first monthly decline of 2024, with the S&P 500 falling 2.6% in April. Fed Chair Jerome Powell is expected to boost expectations that interest rates will remain higher for longer following Wednesday’s rate announcement.