Wall Street is heading into a crucial week for the Federal Reserve as the central bank’s rate policy decision is set to be announced on Wednesday at 2 p.m. ET. Fed funds futures trading suggests an approximately 90% likelihood of a quarter-point rate hike, bringing the target rate range to 3.5% to 3.75%. The S&P 500 is trading around the key technical level of 7,600, its 50-day moving average, while the 10-year Treasury yield is near 5% and oil prices continue to climb. Jay Woods is also watching Lennar, down more than 20% this year and near a 52-week low, and Corning, which has gained more than 66% this year driven by its fiber-optic technology for artificial intelligence data centers.
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