While a stronger-than-expected earnings season has helped maintain the market rally, Wall Street is also carefully awaiting the Federal Reserve's policy decision on Wednesday. Fed fund futures data shows a 98% probability of a quarter-point hike, according to the. Investors are waiting for Chair Jerome Powell's statements on his outlook for the economy as it tackles inflation.
The Dow traded 24 points lower, or 0.1%. The S&P 500 was marginally lower, while the Nasdaq Composite advanced 0.3%.Home prices fell by a bit less than expected in May as the real estate market attempts to break a prolonged slump. In the latest update to its World Economic Outlook, the IMF raised its 2023 global growth prediction by 0.2 percentage points to 3%, up from 2.8% at its April assessment. The IMF kept is 2024 growth forecast unchanged at 3%.