The session results showed the Dow Jones Industrial Average index declined by 0.46%, the technology-heavy Nasdaq fell by 0.38%, and the broad S&P500 decreased by 0.30%.
“After reaching unprecedented levels, the market has taken a wait-and-see approach,” Art Hogan of B. Riley Wealth Management told AFP.
“Investors are gearing up for three very intense days,” summarized Steve Sosnick of Interactive Brokers.
The stock market is preparing for Wednesday’s conclusions from the Federal Reserve’s monetary policy committee, following its two-day meeting, which is expected to maintain the current key interest rate.
“Investors will mainly be listening for forecasts about upcoming meetings,” Sosnick added.
According to the analyst, investors will also observe whether the decision was unanimous after it was revealed that two Fed officials were inclined to cut the rate this month.
On the corporate side, results from Meta, which owns Facebook, and Microsoft are expected on Wednesday after the market closes.
“Both mathematically and psychologically, these performances are very important for investors’ mindset,” emphasized Steve Sosnick.
In terms of indicators, the JOLTS report from the Labor Department showed a larger-than-expected drop in job openings in June.
Meanwhile, consumer confidence somewhat recovered in July, contrary to analysts’ expectations.
