Indexes Flounder Ahead of Fed Meeting
U.S. stocks fell slightly on Tuesday with the S&P 500 and the NASDAQ Composite slipping from their respective records, as investors awaited the key Federal Reserve’s monetary policy meeting.
The Dow Jones Industrials lost 94.42 points to 34,299.33.
The S&P 500 fell 8.56 points to 4,246.59
The NASDAQ tumbled 101.29 points to 14,072.86, as Apple, Alphabet, Alphabet and Microsoft all registered losses.
Real estate and tech were the biggest laggards on Tuesday, while the energy sector provided the broader with some support, rising 2.1%. Diamondback Energy jumped 5.1%, and Exxon Mobil and Occidental Petroleum climbed more than 3% each.
On the data front, the final demand index for producer prices advanced 6.6% for the 12 months ended in May, the largest increase since 12-month data were first calculated in November 2010.
On a monthly basis, the producer price index for final demand rose 0.8%, ahead of the Dow Jones estimate of 0.6%. Producer prices measure the prices paid to producers as opposed to prices on the consumer level.
Meanwhile, May’s retail sales data fell 1.3%, compared to an expectation of a 0.7% decline per economists polled by Dow Jones.
The Fed’s two-day policy meeting starts on Tuesday, and it’s a focal point for the markets this week. The central bank is not expected to take any action. However, commentary on interest rates, inflation and the economy could drive market moves.
Prices for 10-Year Treasurys were static, leaving yields at 1.5%.
Oil prices gained $1.38 to $72.26 U.S. a barrel.
Gold prices lost $5.50 to $1,860.40 U.S. an ounce.