Stocks Retreat from Record Highs as Investors Await Fed's Next Move

Today, United States stock markets pulled back from six straight sessions of record highs as traders paused to assess earnings and await fresh direction from the Federal Reserve. The Standard and Poor’s five hundred dropped eighteen point nine one points, or zero point three percent, to six thousand three hundred seventy and eighty six United States dollars. The Dow Jones Industrial Average lost two hundred four point five seven points, down zero point five percent, ending at forty four thousand six hundred thirty two point nine nine United States dollars. The Nasdaq composite slipped eighty point two nine points, or zero point four percent, to close at twenty one thousand ninety eight point two nine United States dollars. Sector performance diverged: technology and some financial stocks held up well due to continued strong results, but the real estate, materials, and utilities sectors were among the weakest, each giving up over one percent.Advanced Micro Devices and Williams-Sonoma stood out among percentage gainers, adding over four percent and three percent, respectively, on upbeat forecasts. SoFi Technologies rallied on strong results, while Merck and United Parcel Service declined in the wake of profit reports that disappointed investors. Trading was active in large technology names and select financial stocks as investors positioned ahead of the Federal Reserve’s highly anticipated decision.Economic data released today showed the United States job market losing a bit of momentum with job openings lower than consensus, and consumer confidence creeping up slightly but still subdued, according to The Rio Times. Bond yields eased as expectations build that the Federal Reserve will keep interest rates unchanged in July and possibly signal a move later in the year. Oil prices climbed more than two percent following reports of a trade framework between the United States and European Union and geopolitical developments involving Russia.Looking ahead, pre-market futures for tomorrow are indicating a modest upward bias, with attention squarely on the upcoming Federal Reserve policy announcement and press conference. Listeners should watch for any change in central bank tone and for earnings from heavyweight companies reporting before the bell tomorrow, which could set the tone for the next trading session. Thanks for tuning in and do not forget to subscribe. This has been a quiet please production, for more check out quiet please dot ai.For great deals check out https://amzn.to/403yeYoThis content was created in partnership and with the help of Artificial Intelligence AI