Stocks Flat as Investors Brace For Fed Meeting

Stocks were little changed on Monday as investors looked ahead to a crucial Federal Reserve meeting this week.

The Dow Jones Industrial Average gained 33.84 to open Monday at 26,123.45.

The S&P 500 regained 5.81 points at 2,892.79,

The NASDAQ Composite picked up 57.61 points to 7,854.27.

Disney shares slipped 0.6% after an analyst at Imperial Capital downgraded the stock to in-line from outperform, citing a “record ” valuation.

Shares of auction house Sotheby’s shot up nearly 60% on news it will be bought for $3.7 billion by BidFair USA, a company owned by telecom businessman Patrick Drahi. Array BioPharma shares also surged nearly 60% after the company was acquired by Pfizer for $10.6 billion.

The Fed is scheduled to start a two-day monetary policy meeting on Tuesday. Expectations for any policy changes are low, but investors will look for clues about potential rate cuts in July and later in 2019.

Investors are betting on the Fed cutting rates in July and September as well as December. The market has been clamoring for lower rates amid indications of potentially slower economic growth. In theory, lower rates would boost economic growth.

The Fed will make its monetary-policy announcement on Wednesday. Fed Chair Jerome Powell is scheduled to hold a news conference after the announcement.

Prices for the benchmark 10-year U.S. Treasury slumped, raising yields to 2.10% from Friday’s 2.08%. Treasury prices and yields move in opposite directions.

Oil prices slipped 34 cents to $52.17 U.S. a barrel.

Gold prices eked higher 30 cents at $1,344.80 U.S. an ounce.