Stocks closed above a positive flatline Monday as market participants anxiously anticipate the Federal Reserve's next policy decision later this week. All three market averages ended the session little changed.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
The Federal Reserve kicks off its two-day meeting on Tuesday, with market participants currently pricing in a 99% chance policymakers will hold interest rates at their current level in their policy decision due out Wednesday, according to CME Group's FedWatch tool.
Goldman Sachs Chief Economist Jan Hatzius believes the Fed will not issue another rate increase this year, even if the dot plot that will release this week signals one more hike.
"On November, we think that further labor market rebalancing, better news on inflation, and the likely upcoming Q4 growth pothole will convince more participants that the FOMC can forgo a final hike this year, as we think it ultimately will," Hatzius wrote on Saturday.
Deutsche Bank upgraded Micro Technology
"While we acknowledge that MU shares have held up much better than our expectation during the downcycle, we expect further appreciation as estimates increase and valuation multiple (based on [price-to-book]) expands," analyst Sidney Ho wrote in a note.
Shares of Moderna
"Keep in mind the flu is probably closer to a 50% vaccination rate, so we haircut that pretty significantly for the year. We will see how that plays out as we look at the trends in the in the coming weeks in the US and globally from that perspective," Denton said at a conference sponsored by JP Morgan, according to a FactSet transcript.
Wells Fargo slashed its price target for Nike
"On top of worsening US retail performance (athletic footwear remains weak), our manufacturing checks likewise point to weaker forward orders," Boruchow wrote in a Monday note. "While the Chinese shopper being under pressure is the main call out we hear, we also note a lack of innovation/newness was also cited."
Clorox
On Tuesday, market participants will continue to trade cautiously ahead of the central bank's policy decision. Wall Street will also react to fresh housing market data for August.