S&P little changed as trade worries offset optimism over Fed
NEW YORK - The benchmark S&P 500 index ended little changed on Tuesday as investor optimism regarding the Federal Reserve’s expected affirmation of its dovish policy stance was offset by reports of fault lines emerging in ongoing U.S.-China trade negotiations.
The blue-chip Dow snapped a four-day winning streak, while the Nasdaq limped back into positive territory just before the closing bell. Its summary of economic projections - or “dot plot” - due for release on Wednesday, will be closely scrutinized for clues regarding the extent of the central bank’s patience.“The dot plot is consistently higher than where rates turned out to be, so the credibility hasn’t been that good,” Hellwig said. “But it gives insight was to what the members of the FOMC are thinking.”
Of the 11 major sectors of the S&P 500, eight closed in the red, with utilities and financials registering the biggest percentage drops. Nvidia Corp ended the session up 4.0 percent on news that the company has partnered with Softbank Group Corp and LG Uplus Corp to deploy cloud gaming servers in Japan and South Korea later this year.
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