As the trading day begins, US equity futures displayed a mixed performance ahead of the Federal Reserve's upcoming meeting focused on monetary policy. Specifically, Dow Jones Industrial Average futures experienced a modest gain of 0.2%. In contrast, S&P 500 futures slipped slightly by 0.1%, while Nasdaq futures faced a decline of 0.5%.
The Federal Open Market Committee, responsible for setting policy, is set to commence a two-day meeting starting Tuesday, a session that many market participants are keenly observing for insights into future interest rate changes. In the energy sector, oil prices have seen a noticeable uptick, with the front-month global benchmark North Sea Brent crude rising by 1.3% to reach $72.52 per barrel.
Similarly, US West Texas Intermediate crude saw a gain of 1.4%, bringing its price to $68.71 per barrel. An important indicator for the manufacturing sector, the Empire State Manufacturing Index, was released at 8:30 am ET. The index recorded a reading of 11.5 for September, a significant improvement from August's negative 4.7 reading.
This positive shift exceeded expectations, as estimates compiled by Bloomberg expected a reading of negative 4.0. Turning to global markets, Japan's Nikkei index concluded the day down by 0.7%, while Hong Kong's Hang Seng index managed to close 0.3% higher. Notably, the Chinese market was closed due to a holiday.
In Europe, the UK's FTSE 100 index encountered a slight setback, dipping 0.02%, and Germany's DAX index fell by 0.3%, reflecting the cautious sentiment among investors in the early afternoon session. On the equities front, shares of NuCana ($NCNA) soared over 200% in pre-market trading after the company announced promising results from a phase 2 trial for a combination treatment of NUC-7738 and pembrolizumab, which led to extended progression-free survival rates in patients with metastatic melanoma, highlighting the significant advancements in oncology treatments that continue to capture market attention..