HomeMarketsUS MarketsS&P 500 closes little changed Tuesday as Fed rate decision looms

S&P 500 closes little changed Tuesday as Fed rate decision looms

On Tuesday, the S&P 500 closed near the flatline as investors awaited the latest Federal Reserve decision on interest rates. The benchmark slipped 0.06% to close at 4,924.97. The Dow Jones Industrial Average added 133.86 points, or 0.35%, closing at 38,467.31, marking its seventh record close this year. However, the Nasdaq Composite pulled back 0.76% to finish at 15,509.90.

Investors are closely watching updates from the Federal Open Market Committee’s two-day policy meeting, with a 97% probability, according to the CME FedWatch tool, that the central bank will leave rates unchanged. Attention is now on any potential shifts in the policy statement.

General Motors shares surged nearly 8% after the automaker reported better-than-expected earnings. Cybersecurity stock F5 gained just under 1%, while electronics manufacturer Sanmina soared more than 28%, both exceeding expectations in their financial reports.

However, some companies faced challenges in the market. Whirlpool shares dropped 6.6% after sharing a worse-than-expected outlook for the full year. JetBlue fell 4.7% after forecasting little to no revenue growth in 2024, with costs per available seat mile rising in the mid- to high single digits, excluding fuel.

The positive momentum from earnings season continued, with about 79% of companies reporting results that surpassed Wall Street estimates, reflecting a higher success rate than the average over the past four quarters. The upbeat sentiment pushed the Dow and S&P 500 to their sixth record closes of the year, although the Nasdaq faced a decline. Market analysts are keeping an eye on fundamental risks and potential shifts in the coming days.

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