Wall Street treads water ahead of Fed, earnings
SPY•Wall Street’s main indexes were little changed ahead of Wednesday’s Federal Reserve decision and a busy week of earnings. October consumer confidence was 91.7 versus an 81.0 estimate, September new home sales were 0.676 million versus 0.65 million expected, and the 10-year Treasury yield edged up to about 5.0%.
1. Indexes little changed
The Nasdaq and S&P 500 were modestly positive while the Dow slipped. Technology shares gained roughly 0.4%, supported by renewed strength in chip stocks, while housing-related shares were under pressure.
2. Fed and earnings in focus
Investors weighed lower oil prices against Wednesday’s Federal Reserve decision and several high-profile earnings reports. The Fed was widely expected to leave rates unchanged after last month’s increase, while markets anticipated additional tightening into 2027 as inflation remained stubbornly elevated amid the ongoing US-Iran conflict.
3. Other market moves
The Euro STOXX 600 was roughly flat. The dollar, gold and bitcoin gained, while US crude slipped; most S&P 500 sectors were lower, but only energy fell more than 1%.
