June 17, 2024 – U.S. stocks showed little movement at Tuesday’s open as markets paused ahead of tomorrow’s Federal Reserve policy announcement.

Opening Market Levels

• Dow Jones: 38,472 (+0.1%)
• S&P 500: 5,431 (unchanged)
• Nasdaq: 17,618 (-0.1%)

Market Drivers

Investors digested several key developments:

1. Economic Data: May retail sales rose 0.3%, slightly below the 0.4% forecast, suggesting consumer spending may be cooling.
2. Fed Watch: Markets are pricing in a 60% probability of a September rate cut following recent soft economic indicators.
3. Sector Performance: Energy shares led gains as oil prices rose, while technology stocks pulled back slightly after recent rallies.

Notable Stock Moves

• Banking stocks (JPMorgan, Bank of America) advanced with rising Treasury yields
• Tech leaders (Apple, Nvidia) saw modest profit-taking
• Retailers (Home Depot, Target) edged higher after the sales report

Global Context

European markets were mixed in early trading, while Asian indexes closed lower amid ongoing concerns about China’s economic recovery.

Looking Ahead

All eyes remain on Wednesday’s Fed meeting conclusion, where policymakers will release updated rate projections. Analysts suggest markets could see increased volatility depending on the central bank’s tone about future rate cuts.

Market participants are also awaiting housing starts data and industrial production figures due later this week for further clues about economic health.

Market data as of 9:45 AM Eastern Time. This report is for informational purposes only.

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