Stock market today
S&P 500: 4,668.97,-43.05(-0.91%)
Dow 30: 35,650.95,-320.04(-0.89%)
Russell 2000: 2,180.50,-31.31(-1.42%)
Stock market news
“Stocks traded lower on Monday, with the S&P 500 dipping below last week’s record level as traders awaited a Federal Reserve monetary policy decision later this week.
The three major indexes declined. U.S. crude oil prices steadied trade near $71 per barrel. Treasury yields fell across the long end of the curve, and the benchmark 10-year yield held below 1.5%. Bitcoin prices ticked down to trade below $48,000.
Investors’ focus this week will be on the Federal Reserve’s December policy-setting meeting, which will take place between Tuesday and Wednesday. A new monetary policy statement and press conference with Fed Chair Jerome Powell are due mid-week, alongside the Fed’s updated Summary of Economic Projections charting out individual members’ outlooks for economic conditions and interest rates. Policymakers for other central banks are also set to meet this week, including those from the Bank of England and European Central Bank.
The Fed’s decision has taken on additional significance as the market attempts to predict how policymakers will weigh persistently elevated inflation against the specter of a fresh wave of the coronavirus with the newly discovered Omicron variant. U.S. inflation rose at its fastest pace since 1982 in November, last week’s Consumer Price Index (CPI) showed, pointing to the ongoing mismatch between supply and demand in the recovering economy.
On the virus front, the Omicron variant has so far been detected in 30 states, according to data compiled by the New York Times. Early data so far have suggested the variant is more transmissible than the earlier Delta variant, but may cause less severe disease and be able to be neutralized by a booster dose of the COVID-19 vaccine, according to Pfizer. On Monday, the World Health Organization said the Omicron variant remains a “very high” global risk, while underscoring that data on the severity of the disease is still limited. “
Stock market data: Yahoo Finance