US equity markets mostly firmer despite some caution ahead of the conclusion of the Federal Reserve's two day monetary policy meeting and potential fresh developments on the global trade front - Dow down -64-points or -0.27%, closing in the red for a third consecutive session albeit closing well off session lows that saw the index down more than >1%. Merck & Co Inc (down -1.5%) and Pfizer Inc (-3.3%) were key drags on the Dow after both companies missed consensus expectations with thir first quarter sales numbers. The broader S&P500 added +0.25%, with a +1.5% gain for the Technology sector more than offsetting declines in Consumer Staples (down -0.9%) and Energy (-0.60%). However, according to data from WSJ Market Data Group the index has just logged its longest run in correction territory - defined as a decline of at least 10% from a recent peak - since May 1, 2008 at 57 trading sessions. The S&P 500 slipped into correction territory on 8 February (along with the Dow Jones Industrial Average) and remains there because it hasn’t set a new high above its record set 26 January. The technology-centric NASDAQ recovered from an earlier session decline to rally +0.91%. On currency markets, the US dollar index (up +0.7% to 92.496) climbed into positive territory for 2018. The Fed's latest interest rate decision will be announced at 4AM tomorrow AEST, with no change expected and no accompanying press conference but traders will dissect the central bank's statement for clues about the future direction of policy.
