M - Stocks Static as Investors Await Last Fed Meeting of '23.
The S&P 500 was little changed on Monday as investors awaited the final Federal Reserve meeting of 2023 for any signals on when central bankers will begin to cut interest rates.
The Dow Jones Industrials gained 95.35 points to 36,343.22.
The S&P 500 inched up 0.87 points to 4,605.24.
The NASDAQ gave back 55.26 points to 14,348.71.
Macy's shares rallied more than 16% on news the retailer has received a buyout offer for $5.8 billion. Tech stocks Apple and Nvidia pulled back 1.7% and 2.2%, putting pressure on the Nasdaq. Shares of Meta Platforms ticked down 3%.
The Fed is expected to maintain the fed funds rate steady in the 5.25%-5.5% range. Chair Jerome Powell is also expected to reiterate his commitment to lowering inflation in his press conference on Wednesday. Already, indicators are that markets are pricing in a 45% likelihood in March that the Fed will lower rates by 0.25 percentage points.
The S&P 500 and NASDAQ are coming off their sixth straight weekly gain. This week, investors are looking ahead to key inflation data, which could impact market movements and rate-cut decisions made by the Fed. The November consumer price index is due out on Tuesday, while the producer price index is set for release on Wednesday.
Prices for the 10-year Treasury fell, raising yields to 4.28% from Friday's 4.23%. Treasury prices and yields move in opposite directions.
Oil prices were down 35 cents to $70.88 U.S. a barrel.
Gold prices docked $17.70 to $1,996.80.