U.S. stocks flipped between gains and losses on Monday as investors braced for a Federal Reserve meeting that’s expected to deliver another large interest-rate hike and shed further light on the Fed’s plans for monetary policy. What’s happening
The Dow Jones Industrial Average
was down 45 points, or 0.1%, at 30,778, after falling 263 points at its session low.
The S&P 500
was off 4 points, or 0.1%, at 3,870.
The Nasdaq Composite
was up 7 points, or 0.1%, at 11,454.
Last week, the Dow industrials fell 4.1% to end at 30,822.42, while the Nasdaq Composite saw a 5.5% weekly drop to 11,448.40. The S&P 500 finished Friday at 3,873.33 — falling 0.7% in the session and 4.8% for the week for its lowest close since July 18 and ending below important chart support at 3,900.
In One Chart: Why stock-market bears are eyeing June lows after S&P 500 falls back below 3,900What’s driving markets Stocks searched for upward momentum on Monday following last week’s steep drop, while the market focus was firmly on this week’s two-day meeting of the Fed’s policy-setting Federal Open Market Committee, which is due to end Wednesday. A rate hike of three-quarters of a point is expected, and attention will be put on the accompanying dot plot of rate projections.Equities pared losses and intermittently turned positive as Wall Street embraced Ralph Lauren Corp.’s
outlook and found value in beaten up home builders and airlines, according to Edward Moya, senior market analyst for the Americas at Oanda Corp. Shares of Ralph Lauren rose 2.3% after the company outlined its strategic growth plan in a statement and said it expects to return about $2 billion in excess cash flow to shareholders through fiscal 2025 in the form of dividends and share buybacks. It is also targeting a compound annual revenue growth rate over the next three years in the mid to high single digits.“It looks like higher-income families are still in a good position to handle the next wave of price increases,” Moya said via phone. Even so, there’s been “a growing amount of pessimism and diminished appetite for all risk assets,” he said. “We are not going to have extreme positioning ahead of the Fed’s decision, and that’s why trading will be volatile for the next 48 hours.”See: Fed to put a ‘firm foot on the brake pedal’ this week Stocks felt heat as Treasury yields continued their rise, with th …