Wall Street’s main indices ended with gains on Tuesday as investors looked ahead to the Federal Reserve’s monetary policy update while they digested a mixed batch of earnings reports.
The Fed kicked off a two-day monetary policy meeting. The central bank is widely expected to hold interest rates steady on Wednesday, and investors will monitor its statement and Fed chair Jerome Powell’s comments for clues about its plans. But with 10-year Treasury yields up just slightly for much of the day, some investors looked for bargains in light of recent weakness in stocks, said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute.
Analysts have said it is likely to boost the size of auctions for bills, notes, and bonds in the fourth quarter to fund a widening budget deficit. This would cause rates to rise further and hurt stocks, according to Wells Fargo’s Samana. He also pointed to mixed earnings reports and companies “messaging concerns about upcoming quarters with energy prices rising and increasing uncertainty” around wars in Israel and Ukraine that are “showing no end in sight”.For the S&P 500, down 2.2% for the month, and the Dow, off 1.4%, it was the longest monthly losing streak since the pandemic roiled markets in early 2020.
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