US stocks closed slightly lower Tuesday as investors awaited the Fed’s decision on another rate cut, and sifted through another round of earnings.
The Dow Jones Industrial Average was marginally lower by 0.07%, despite rising earlier in the session. The S&P 500 Index was also down slightly by 0.08%, following a record high session on Monday brought about by renewed optimism on a possible US-China trade deal. The Nasdaq was pulling the markets lower, declining by 0.59%.
Healthcare led the S&P 500 sectors, the only one with gains above 1%, while communications services and technology were the steepest decliners, down by 1%.
Investors are anticipating the Fed’s latest policy move as the Federal Open Market Committee meeting ends Wednesday afternoon. According to the CME Group’s FedWatchTool, there is a 97.3% probability of a cut in the Fed funds rate.
In earnings news, Google’s parent company Alphabet (GOOG, GOOGL) posted mixed results for its fiscal third quarter, with earnings missing analysts’ estimates, while revenue surpassed Street views as it posted double-digit growth. Meanwhile, General Motors (GM) posted mixed results for its fiscal third quarter, as the strike by the United Auto Workers union in the US negatively affected the automobile manufacturers’ North American business even though the results came in better than analysts’ expectations.
In commodities, West Texas Intermediate crude oil futures was down $0.37 to $55.44 per barrel. Natural gas was up $0.15 to $2.60 per 1 million BTU. Gold was down $4.50 to $1,491.30 an ounce, and silver down $0.05 to $17.83 an ounce.
Among energy ETFs, the United States Oil Fund was down 0.6% to $11.58 with the United States Natural Gas Fund was up 2.37% to $20.74. Among precious-metal funds, the Market Vectors Gold Miners ETF was up 0.55% to $27.21, while SPDR Gold Shares were down 0.28% to $140.25. The iShares Silver Trust was 0.18% lower at $16.65.
NYSE Composite Index was up 24.64 points (+0.19%) to 13,211.07
Dow Jones Industrial Index was down 19.30 points (-0.07%) to 27,071.42
S&P 500 was down 2.53 points (-0.08%) at 3,036.89
Nasdaq Composite Index was down 49.13 points (-0.59%) to 8,276.85
FTSE 100 was down 25.02 points (-0.34%) to 7,306.26
DAX was down 2.09 points (-0.02%) to 12,939.62
CAC 40 was up 9.57 points (+0.17%) to 5,740.14
Nikkei was up 106.86 points (+0.47%) to 22,974.13
Hang Seng was down 104.50 points (-0.39%) to 26,786.86
Shanghai Composite was down 25.87 points (-0.97%) to 2,954.18
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