Stock Market Today: Dow Slips, S&P 500, Nasdaq Open Up; Tesla, Rivian, Lucid, Confluent, Carvana, and More Movers
With Wall Street focused on this week’s Federal Reserve meeting, the S&P 500 began Monday’s session in striking distance of a record closing high.
The market benchmark was down 0.1% but hovering only a touch below its Oct. 28 record close of 6890.89. The Dow Jones Industrial Average was down 93 points, or 0.2%. The Nasdaq Composite was up slightly.
The yield on the 2-year Treasury note was up to 3.58%. The 10-year yield was up to 4.15%.
The Federal Open Market Committee’s two-day meeting begins on Tuesday. Traders see an 87.4% chance the central bank opts for a quarter-point interest-rate cut on Wednesday.
“A rate cut might not be a slam dunk, but with last week’s data highlighting ongoing labor-market softness and sticky inflation, the markets appear optimistic,” writes Chris Larkin, managing director, trading and investing at E*TRADE from Morgan Stanley. “As is often the case, though, Chair Powell’s press conference could play a big role in shaping the market’s short-term response.”
There’s also the Summary of Economic Projections, which will help traders visualize where central bankers stand in predicting the path forward for rates, the economy, and inflation.
“Its last SEP only projected one rate cut in 2026, taking the target rate to 3.25 – 3.50 percent,” writes DataTrek Research co-founder Nicholas Colas. “Given recent weakness in the US labor market, we expect the new SEP to show two 25 basis point cuts. This would be more consistent with expectations and likely be welcomed by markets as a sign of incremental easing in 2026.”
Wall Street will also get earnings from Oracle, Broadcom, Adobe, and Costco Wholesale this week. Oracle and Broadcom are key artificial intelligence stocks, so traders will be looking for results and commentary that push back against recent worries surrounding such stocks.
AI stocks were lifting the market on an otherwise mixed day after International Business Machines said it agreed to buy data-infrastructure firm Confluent in an $11 billion deal.
