Stock market today: Live updates
Traders work on the floor of the New York Stock Exchange on August 16, 2023 in New York City.
Michael M. Santiago | Getty Images
Stocks were near flat Monday afternoon as investors geared up for the Federal Reserve meeting scheduled for later in the week.
The S&P 500 traded near flat, while the Nasdaq Composite slipped 0.1%. The Dow Jones Industrial Average gained 10 points, also trading near flat.
Traders are assigning a 99% chance that the Fed stays put when it releases its rate decision on Wednesday, according to the CME Group’s FedWatch tool, which gauges pricing in the fed funds futures market. The central bank will also be releasing its market forecasts on Wednesday. The Fed’s two-day policy begins Tuesday.
There’s less agreement about what the central bank will do in November, with the market expecting a 31% probability of a hike. Goldman Sachs’ economists said over the weekend that a hike in November would be unlikely.
Apple climbed around 2%, buoying the broader market. Goldman Sachs and Morgan Stanley both gave optimistic outlooks for new iPhone demand.
The S&P 500 and the Nasdaq both ended the previous trading week down, marking their second straight week of losses. The Dow finished the week 0.1% higher.
“There are some question marks: Everyone knows that they’re going to stay put for this meeting, but then what is their messaging going to be going forward?,” said Stephanie Lang, CIO at Homrich Berg. “It’s a wait-and-see moment to see what kind of forward guidance we’re getting from the Fed,”
Meanwhile, Ford slid more than 2% as the United Auto Workers strike continued. Stellantis and General Motors, the other automakers facing off with the union, shed more than 1%.
