Stock market today: Wall Street drifts ahead of Fed's next meeting on interest rates

NEW YORK — U.S. stocks edged higher as Wall Street makes few big moves in advance of the Federal Reserve’s next meeting on interest rates. The S&P 500 closed virtually unchanged Monday. The Dow inched up 6 points, and the Nasdaq composite was also little changed. Stocks have been see-sawing since early August on uncertainty about whether the Fed is finally done with its drastic hikes to interest rates. Traders almost universally expect it to keep rates steady this week.

One of the first the market will fixate on is how high officials at the Fed see its main interest rate rising this year. Traders are betting on a roughly 40% chance the Fed will raise rates again in either November or December, according to data from CME Group. A barrel of U.S. crude rose 71 cents to $91.48 Monday. That’s up from less than $70 in July. Brent crude, the international standard, rose 0.5% to $94.43 per barrel.

The two-year Treasury yield, which more closely follows expectations for the Fed, dipped to 5.03% from 5.04% late Friday.

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