MARKET SNAPSHOT: Stock Market On Tenterhooks As Fed Policy Update Looms
By Sara Sjolin and Mark DeCambre, MarketWatch
Dollar flat as investors await Federal Reserve call
U.S. stock benchmarks switched between small gains and losses Wednesday morning as investors traded skittishly ahead of the Federal Reserve's coming monetary-policy update.
Although Wall Street isn't expecting any change to rates, investors will be anticipating clarity on the Fed's projection for futures rates and clarity on its $4.5 trillion asset-portfolio unwind.
The Dow Jones Industrial Average were up 4 points, or less than 0.1%, at 22,375, while those for the S&P 500 index tacked on 2 points, or 01%, at 2,505, touching a fresh intraday day record at 2,508.85. The Nasdaq Composite Index , meanwhile, was little changed at 6,464.
The subdued trading environment early comes after all three main benchmark posted small gains and ended at all-time highs on Tuesday (http://www.marketwatch.com/story/us-stocks-aim-for-fresh-records-as-fed-meeting-steals-focus-2017-09-19). The Dow average climbed 0.2%, while the S&P 500 and Nasdaq Composite Index both ended 0.1% higher.
"Financial markets are consolidating this morning, with all eyes on the Fed as the [Federal Open Market Committee] conclude their two-day meeting with the announcement of monetary policy," said Richard Perry, market analyst at Hantec Markets, said in a note.
The wait for Fed news also comes as investors gear up for third-quarter results at the end of the month, which could provide further direction for markets