Stocks closed relatively mixed on Monday evening as Wall Street braces itself for the Federal Reserve’s policy meeting this week. The S&P 500 rose by approximately 0.07% and the Dow Jones edged 0.02% higher, while the Nasdaq Composite Index finished the day just 0.01% higher than in the previous session.
With the Federal Reserve set to meet over Tuesday and Wednesday, investors are expecting the central bank to hold its interest rates steady in the current range of 5.25% to 5.5%. This comes after an influx of economic data that indicated a cooling labor market and declining inflation.
According to the CME FedWatch Tool, markets are expecting a 99% chance that the Fed will pause its interest rate hikes this month. This is up from a 92% probability price a week ago.