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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (5103)	10/3/2000 8:12:25 AM
From: Dealer	Read Replies (1) \| Respond to of 65232

<FONT COLOR=BLUE>MARKET SNAPSHOT--An upside start for major averages Fed meeting on tap By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 7:40 AM ET Oct 3, 2000 NEW YORK (CBS.MW) - An upside open is in store for U.S. shares Tuesday, but will buyers hold their own or will sellers have the better, as witnessed over the past couple of trading sessions? December S&P 500 futures gained 4.00 points, or 0.3 percent, and were trading roughly 6.30 points above fair value, pointing to a solidly higher open, according to figures provided by HL Camp & Co. Nasdaq futures also gained ground, up 33.50 points, or 0.9 percent. The Federal Reserve meets Tuesday morning, with a decision on interest rates expected at the usual time -- around 2:15 p.m. Wall Street is unanimous in expecting the central bank to leave the fed funds rate target flat at 6 1/2 percent. The Fed's last interest-rate move came on May 16, with a rare 50-basis-point nudge up of borrowing costs. In economic news, Tuesday will see the release of August new homes sales, seen coming in at 901,000. View Economic Preview, economic calendar and forecasts and historical economic data. In the currency arena, the dollar traded close to the flatline against both the yen and the euro. Limited reaction was seen to the release of Japan's quarterly "Tankan" report on business conditions. The Tankan survey revealed better-than-expected business sentiment and an improvement for the seventh straight quarter. The index rose to 10 in the July to September quarter versus the 3-level registered in the previous quarter. In recent trading, dollar/yen erased 0.2 percent to 108.67 while euro/dollar lost 0.1 percent to 0.8766. Julie Rannazzisi is markets editor for CBS.MarketWatch.com.