(Sharecast News) - Wall Street trading got off to a mixed start on Tuesday as the Federal Reserve's two-day policy meeting kicked off in Washington, DC.
As of 1445 BST, the Dow Jones Industrial Average was down 0.16% at 45,809.11, while the S&P 500 ticked up 0.01% to 6,615.83 and the Nasdaq Composite came out of the gate 0.02% firmer at 22,353.92.
The Dow Jones opened 74.34 points lower on Tuesday, reversing gains recorded in the previous session as Donald Trump's upbeat comments on trade negotiations with China and gains in heavyweight tech names gave major indices a boost.
Attention now turns to the Federal Reserve's policy meeting, which begins Tuesday, with a rate decision due on Wednesday. Futures markets have now priced in a 100% probability of a 25-basis point cut this month, though traders will also scrutinise chairman Jerome Powell's press conference for signals on the path ahead.
September's policy meeting follows the Senate's confirmation of Stephen Miran, Trump's nominee to join the central bank, adding another layer of political interest to this week's proceedings.
On the macro front, US import prices rose 0.3% month-on-month in August, according to the Bureau of Labor Statistics, defying expectations for a 0.2% decline. The July figure was revised down to a 0.2% gain from the initially reported 0.4%. The increase was led by higher prices for nonfuel imports, which offset a decline in fuel-related costs. On an annual basis, import prices were flat, compared with a 0.2% year-on-year decline in July. Export prices also rose 0.3% in August, beating consensus forecasts for a 0.1% decline and matching the revised July figure, which was previously reported at 0.1%. The BLS said the monthly gain was driven by stronger pricing for nonagricultural exports. Year-on-year, export prices advanced 3.4%, accelerating from a revised 2.4% increase in July.
Elsewhere, US retail sales rose 0.6% in August, according to the Census Bureau, outpacing expectations for a 0.2% gain and matching July's upwardly revised increase. Core retail sales, which exclude autos, fuel, building materials and food services, rose 0.7% in August, following a 0.5% gain in July. Much of the monthly increase was likely driven by higher prices rather than volume growth, with last week's inflation data pointing to the sharpest rise in consumer prices in seven months, particularly in food and apparel.
On another note, industrial production in the US rose 0.9% year-on-year in August, according to the Federal Reserve, marking a modest pickup in output across manufacturing, mining and utilities, while capacity utilisation held steady at 77.4% during the month, unchanged from July, suggesting stable operating rates across the industrial sector.
Still to come, July business inventories and September's NAHB housing market index were slated for release at 1500 BST.
No major corporate earnings were slated for release on Tuesday.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Intel Corp. (INTC) $24.77 2.87%
Apple Inc. (AAPL) $236.70 1.12%
International Business Machines Corporation (CDI) (IBM) $256.24 1.10%
Microsoft Corp. (MSFT) $515.36 1.07%
Caterpillar Inc. (CAT) $435.94 1.02%
Goldman Sachs Group Inc. (GS) $786.76 0.86%
Cisco Systems Inc. (CSCO) $67.02 0.74%
JP Morgan Chase & Co. (JPM) $308.90 0.65%
American Express Co. (AXP) $327.26 0.60%
Walmart Inc. (WMT) $103.69 0.19%
Dow Jones - Fallers
Dow Chemical Co. (DOW) $24.16 -3.47%
Merck & Co. Inc. (MRK) $81.02 -2.16%
Unitedhealth Group Inc. (UNH) $347.89 -1.31%
Coca-Cola Co. (KO) $66.21 -1.19%
McDonald's Corp. (MCD) $302.07 -1.09%
Travelers Company Inc. (TRV) $276.30 -0.94%
3M Co. (MMM) $156.59 -0.77%
Amgen Inc. (AMGN) $274.40 -0.72%
Procter & Gamble Co. (PG) $156.83 -0.68%
Johnson & Johnson (JNJ) $177.40 -0.37%
S&P 500 - Risers
Cadence Design Systems Inc. (CDNS) $351.52 0.00%
Apartment Investment & Management Co. (AIV) $7.42 0.00%
Exxon Mobil Corp. (XOM) $112.35 0.00%
J.B. Hunt Transport Services Inc. (JBHT) $136.35 0.00%
Activision Blizzard Inc. (ATVI) $0.00 0.00%
Tractor Supply Company (TSCO) $59.61 0.00%
Nucor Corp. (NUE) $141.57 0.00%
Johnson Controls International plc (JCI) $107.81 0.00%
IQVIA Holdings Inc. (IQV) $186.13 0.00%
Humana Inc. (HUM) $274.52 0.00%
S&P 500 - Fallers
L3 Technologies Inc (LLL) $0.00 0.00%
Lowe's Companies Inc. (LOW) $272.09 0.00%
Boston Scientific Corp. (BSX) $99.87 0.00%
Tapestry Inc. (TPR) $110.17 0.00%
Amazon.Com Inc. (AMZN) $231.43 0.00%
Xylem Inc (XYL) $141.93 0.00%
Expeditors International Of Washington Inc. (EXPD) $0.00 0.00%
AT&T Inc. (T) $29.62 0.00%
General Mills Inc. (GIS) $49.01 0.00%
Msci Inc. (MSCI) $576.53 0.00%
Nasdaq 100 - Risers
Gilead Sciences Inc. (GILD) $112.54 0.00%
Vertex Pharmaceuticals Inc. (VRTX) $393.21 0.00%
Marriott International - Class A (MAR) $265.14 0.00%
Cognizant Technology Solutions Corp. (CTSH) $68.59 0.00%
Alphabet Inc. Class A (GOOGL) $251.61 0.00%
Workday, Inc. (WDAY) $222.75 0.00%
eBay Inc. (EBAY) $90.36 0.00%
Sirius XM Holdings Inc (SIRI) $23.44 0.00%
Analog Devices Inc. (ADI) $244.99 0.00%
Hasbro Inc (HAS) $76.00 0.00%
Nasdaq 100 - Fallers
Gilead Sciences Inc. (GILD) $112.54 0.00%
Vertex Pharmaceuticals Inc. (VRTX) $393.21 0.00%
Marriott International - Class A (MAR) $265.14 0.00%
Cognizant Technology Solutions Corp. (CTSH) $68.59 0.00%
Alphabet Inc. Class A (GOOGL) $251.61 0.00%
Workday, Inc. (WDAY) $222.75 0.00%
eBay Inc. (EBAY) $90.36 0.00%
Sirius XM Holdings Inc (SIRI) $23.44 0.00%
Analog Devices Inc. (ADI) $244.99 0.00%
Hasbro Inc (HAS) $76.00 0.00%
81.37 (0.88%)
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