Wall St poised for muted open as Fed rate cut decision nears
Stocks were little changed on Tuesday as Wall Street looks ahead to this week’s interest rate decision from the Federal Reserve.
The S&P 500 hovered around the flatline, while the Dow Jones Industrial Average gained 87 points, or 0.2%. The Nasdaq Composite underperformed, losing 0.3%.
Traders are waiting for the Fed’s highly awaited interest rate decision on Wednesday, which will be the last of the year. Markets are betting that the central bank will lower its key overnight lending rate by another quarter percentage point as it did at its meetings in September and October. Fed funds futures suggest an 89% chance of a decrease, up from under 67% about a month ago, according to CME’s FedWatch tool.
Source: CNBC.com