Indexes Flat Ahead of Fed Decision

The S&P 500 was flat Tuesday as Wall Street waits for the latest Federal Reserve decision on interest rates.

The Dow Jones Industrials recovered 51.16 points by noon Tuesday at 38,384.61.

The S&P 500 index poked 1.28 points to 4,929.14.

The NASDAQ faltered 60.61 points to 15,567.44.

General Motors shares popped 7% after the automaker posted better-than-expected earnings. Cybersecurity stock F5 gained 2% on the back of a better-than-expected financial report, while electronics manufacturer Sanmina soared more than 29% after posting strong earnings per share and current-quarter guidance.

Elsewhere, appliances maker Whirlpool shed more than 6% after sharing a worse-than-expected outlook for the full year. JetBlue was also down 5% even after disclosing better-than-expected results.

Those reports come ahead of major tech reports slated for the afternoon, including Microsoft and Alphabet. These companies, which are part of a group known as the “Magnificent 7,” have been closely watched by market participants after driving up the S&P 500 with their outsized gains.
Amazon, Meta and Apple will post their quarterly financials later in the week.

Traders will watch for updates out of the Federal Open Market Committee’s two-day policy meeting that got underway Tuesday. The fed funds futures market has priced in a 97% probability that the central bank will leave rates unchanged.

Prices for the 10-year Treasury regained strength, lowering yields to 4.07% from Monday’s 4.08%. Treasury prices and yields move in opposite directions.

Oil prices regained $1.05 to $77.83 U.S. a barrel.

Gold prices surged $8.40 to $2,053.00.