Stock market today: Wall Street holds steady ahead of this week's Fed meeting
U.S. stocks are mixed in quiet trading ahead of a week with several top-tier reports on inflation due, as well as the Federal Reserve’s latest meeting on interest rates
NEW YORK — U.S. stocks are mixed in quiet trading Monday ahead of a week with several top-tier reports on inflation due, as well as the Federal Reserve’s latest meeting on interest rates.
The S&P 500 was 0.1% lower in morning trading, still close to its record set last week. The Dow Jones Industrial Average was up 7 points, or less than 0.1%, as of 10:20 a.m. Eastern time, and the Nasdaq composite was 0.2% lower.
Huntington Bancshares dropped 5.9% for one of the market’s largest losses after it cut its forecast for a key component of profit this year. Other banks also fell afterward, including losses of 3.1% for Citizens Financial Group, 3% for Regions Financial and 2.7% for KeyCorp.
Diamond Offshore Drilling jumped 10.4% after Noble agreed to buy its rival in a cash-and-stock deal valued at roughly $1.6 billion. Noble added 4.7% in a signal that traders expect the combination to be a winner.
Apple was drifting 0.9% lower ahead of a conference where analysts expect it to offer details about its moves into artificial-intelligence technology. A furor around AI broadly on Wall Street has helped send stocks to records despite worries about high interest rates and the slowdown in the U.S. economy that they induce.
Data on the economy have come in mixed recently, and traders are hoping they will ultimately show a slowdown that’s just right in magnitude. A cooldown would put less upward pressure on inflation, which could encourage the Federal Reserve to cut its main interest rate from its most punishing level in more than two decades.
But the data have been
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