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To Begin The Week, S&P 500 Has Not Altered Much

On Monday, the S&P 500 showed minimal change as traders anticipated the Federal Reserve’s upcoming policy decision.

The Nasdaq Composite fell 0.1%, while the broad index was almost flat. While trading close to flat, the Dow Jones Industrial Average increased by 17 points.

Both the S&P 500 and the Nasdaq experienced declines at the close of the previous trading week, marking the second consecutive week of losses. The Dow ended the week with a 0.1% gain.

On Monday, the price of West Texas Intermediate and Brent crude reached its highest level since November. WTI is on course to experience its largest price increase since the first quarter of 2022, up roughly 30% so far in the third quarter.

The CME Group’s FedWatch tool, which tracks pricing in the fed funds futures market, shows that traders are giving the Fed a 99% chance of keeping interest rates unchanged when it announces its decision on Wednesday and just a 31% chance of raising them in November. The most recent press conference and announcement will be closely watched by investors in an effort to better understand the central bank’s position on inflation moving forward.

Source (CNBC)

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