S&P Little Changed Ahead of Fed Announcement

The S&P 500 was little changed Monday as investors looked toward the Federal Reserve’s next policy decision.

The Dow Jones Industrials reversed and added 66.32 points to power into lunch hour at 34,684.56.

The much-broader index gained 10.11 points to 4,460.43.

The NASDAQ index jumped 20.31 points to 13,728.65.

A rise in energy prices helped energy stocks in the session. The energy sector of the S&P 500 advanced around 1%, led by Marathon Petroleum and Valero.

Meanwhile, Ford and Stellantis slid more than 1% as the United Auto Workers strike continued. General Motors, the other automaker facing off with the union, shed around 0.7%.

Goldman Sachs analyst Mark Delaney said Tesla earnings could take a hit from slimmer margins. Shares slipped about 2.5% in Monday’s session.

Traders are assigning a 99% chance that the Fed stays put when it releases its rate decision on Wednesday and just a 31% probability of a hike in November, according to the CME Group’s FedWatch tool, which gauges pricing in the fed funds futures market.

Prices for the 10-year Treasury regained lost strength, lowering yields to Friday’s 4.33%. Treasury prices and yields move in opposite directions.

Oil prices strengthened $1.20 to $91.97 U.S. a barrel.

Gold prices surged $3.30 to $1,949.50 U.S. an ounce.