Stock futures were flat as indices exited a winning month and investors looked ahead to the Fed meeting

Stock futures were flat on Monday night as traders gave up a winning month and looked ahead to the Federal Reserve’s interest rate decision on Wednesday.

Futures tied to the Dow Jones industrial average were flat, down 1 point. Composite futures of the S&P 500 and Nasdaq 100 added 0.1%.

Monday’s trade was the best month for the Dow since 1976, ending up 13.95%, as investors spun out of technology and put their faith in stalwarts like banks. The S&P 500 and Nasdaq Composite added 8% and 3.9%, respectively.

Big Tech was in the spotlight last week as shares fell on the giant’s disappointing earnings, which at times weighed on the Nasdaq. Meanwhile, a strong performance in earnings from Dow members such as Caterpillar and McDonald’s sent the index higher for the week.

Earnings season continues on Tuesday with Uber, Pfizer and Fox before the bell, as well as Advanced Micro Devices and Airbnb.

Tuesday also brings the start of the central bank’s November meeting, which many market participants expect will lead to a 75 basis point interest rate hike. Many will look to the Fed’s report and Fed Chair Jerome Powell’s question-and-answer segment for clues about policymakers’ battle against inflation.

“We are confident that market participants are pricing in a 75 basis point increase,” said Jason Ray, founder of Zenith Wealth Partners. “But looking ahead, how are they going to address it? [it] And whether they change their language on inflation or the pace of future rate hikes will be something we watch closely.

I amInvestors will watch economic releases on Tuesday, including jobs data and construction spending for September and the ISM manufacturing report for October.

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