Currently, the major averages are just above the unchanged line. The Dow is up 5.41 points or less than a tenth of a % at 16,786.42, the Nasdaq is up 13.42 points or 0.3% at 4,334.53 and the S&P 500 is up 1.27 points or 0.1% at 1,939.05.
The choppy trading on
While the Fed is widely expected to announce another
Along with the statement, the Fed is due to provide an update to its economic projections and Fed Chair
Traders are also digesting the latest batch of US economic data, including reports showing a bigger than expected drop in housing starts and a bigger than expected increase in consumer prices.
The report said housing starts fell 6.5% to an annual rate of 1.001 million in May after jumping 12.7% to a rate of 1.071 million in April. Economists had expected starts to drop to a rate of 1.030 million.
A separate report from the
The consumer price index rose by 0.4% in May, the biggest monthly increase since February of 2013. Economists had expected consumer prices to edge up by about 0.2%.
Core consumer prices, which exclude food and energy prices, increased 0.3% in May after rising by 0.2% in the previous month. Core prices had also been expected to tick up by 0.2%.
Traders are also keeping an eye on the latest developments in
Most of the major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets.
Brokerage stocks continue to see significant strength, however, with the NYSE Arca Broker/Dealer Index surging up by 1.9%. With the gain, the index has reached its best intraday level in over two months.
Banking, airline, and steel stocks are also seeing some strength in mid-day trading, although buying interest has remained subdued.
Meanwhile, oil stocks have moved to the downside on the day, giving back some ground after moving notably higher over the past few sessions.
In overseas trading, stock markets across the
Meanwhile, the major European markets all moved to the upside on the day. While the
In the bond market, treasuries have come under pressure amid concerns about the outlook for inflation. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 4.7 basis points at 2.644%.
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