S&P 500 record ahead of Fed

S&P 500 record ahead of Fed

Dow Jones Industrial Average falls 20 points

The Dow fell 20.04 points, or 0.07% to close at 27,071.42. The S&P 500 slipped 0.08% to 3,036.89. The Nasdaq Composite slid 0.59% to end the day at 8,276.85. The S&P 500 notched a fresh intraday record but mixed earnings and a looming Federal Reserve decision kept investor sentiment in check.

Sideways trading

The major indexes failed to make any major moves on Tuesday despite the S&P 500 making a new all-time high. In fact, the broad index traded in a range of just 0.4% on the day. Strong earnings from pharmaceuticals such as Merck and Pfizer initially helped lift the S&P 500 to an all-time high. However, disappointing results from Google-parent Alphabet offset some of that optimism. Investors also seemed reluctant to make any big moves before the Fed’s announcement on Wednesday.

GrubHub and Beyond Meat get crushed

What happens next?

Monetary policy will be front and center for investors on Wednesday, with the Fed expected to cut rates by 25 basis points. Investors will also look for clues on whether the Fed will continue lowering rates in the future or if they will raise the bar for further easing. Wall Street will also digest earnings from companies such as General Electric, Apple, Facebook and Starbucks. Read more here.

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