Stocks set to slip back after yesterday's Fed-fueled rally

|By:, SA News Editor

Stocks are on track for a modestly lower open following yesterday's surge in reaction to the Fed's dovish policy statement; S&P -0.3%, Dow -0.2%, Nasdaq -0.1%.

Major European indexes trade mostly higher, while Asian markets ended up.

The Fed move was accompanied by a pullback in the dollar that sent the Dollar Index back to levels last seen at the start of the month; the index has rebounded this morning and is now back to last week's levels.

Crude oil also spiked yesterday, but U.S. crude has retraced much of that move and now trades lower by 3.7% at $44.93/bbl.

Treasury prices hold slim losses after rallying yesterday, with the 10-year yield now up by 2 bps at 1.94%.

Still ahead: Leading indicators, Philly Fed business activity, EIA natural gas inventory.