Stock Market Today: S&P500 closes lower as Fed kicks off meeting

Investing.com -- The S&P 500 closed lower Tuesday, led lower by tech amid cautious trading as the Federal Reserve kicked off its two-day meeting and investors awaited further earnings from big tech."Any indication of additional confidence in terms of inflation moving to its target or an upward adjustment in its assessment of the progress of inflation will presumably increase the odds of a September adjustment in policy," Stifel said in a note on Tuesday.

Signs of ongoing labor demand underpinned consumer confidence in July, which rose to a reading of 100.3 from 97.8 the prior month.The earnings report from Microsoft will be closely watch to"gauge the adoption of the AI Revolution as Microsoft and Nvidia stock soared 12% after the low-cost carrier posted a surprise second-quarter profit and announced plans to deepen its cost cuts.

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