U.S. Stocks Little Changed Ahead of Central Bank Policy UpdatesBy
U.S. stocks held steady as they kicked off a week dominated by central-bank updates including the Federal Reserve’s rate decision.
The S&P 500 added less than 0.1 percent to 2,373.47 at 4 p.m. in New York. The benchmark ended a streak of six consecutive weekly gains last week, falling 0.4 percent and paring this year’s gain to 6 percent. The Dow Jones Industrial Average lost 0.1 percent to 20,881.48 on Monday.
- Materials stocks lead market higher with a 0.3% gain as Bloomberg Commodity Index gains for first time in six sessions
- Financial stocks pare losses, close less than 0.1% higher
- Utility stocks up 0.2%, real estate shares little changed as 10-year Yield adds four basis points
- 6.2 billion shares traded hands -- lowest volume in more than a month
- VIX down three points to 11.35
- “Fed officials have sent clear signals about their intention to raise the federal funds rate at the March FOMC meeting,” according to Kevin Logan, chief U.S. economist at HSBC. “Yellen may also take this opportunity to discuss the outlook for the Fed’s balance sheet policy"
- Central bank updates from Japan, the U.K. and Switzerland are also due this week
- Fed funds futures traders are certain the Fed will hike rates at its meeting on Wednesday
- None after-market Monday or pre-market Tuesday
- In Europe, gains in commodity producers and auto parts makers lifted stocks; Stoxx Europe 600 Index adds 0.4% for the fourth straight advance
For more equity market news:
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- Low-Volatility Equity ETFs See Biggest Outflows Among Smart-Beta
- Short-Term VIX Gauge Surges as Fed Rate Increase Looms: Chart
- Financials Most Likely to Support Higher Stock Prices: Goldman
- Bad Attitude Toward U.S. Stocks Emerges in BMO Indicator: Chart