Wall Street was hovering near records Tuesday as traders continue to await a key decision on interest rates coming from the Federal Reserve, the Associated Press reports.
The S&P 500 came down 0.1% from its latest all-time high, while the Dow Jones Industrial Average ticked down 0.3% and the Nasdaq was essentially unchanged.
Expectations that the Fed will announce its first cut to interest rates for the year on Wednesday have driven stocks to records. Traders believe that Fed officials will view a slowdown in the job market as an even greater danger to the U.S. economy than the threat of higher inflation.
Meanwhile, Oracle rose 2.9% on speculation that it could be part of a deal that would keep TikTok operating in the United States.
Steel Dynamics was another winner and climbed 5.1% after it said it’s seeing improved earnings across its three business units.
Chipotle Mexican Grill added 1.2% after its board said the company could buy back an additional $500 million of its stock.
Dave & Buster’s entertainment chain fell 16.9% after it reported a weaker profit for the latest quarter than analysts expected.
Ralph Lauren sank 2% and got a tepid reception to the unveiling of its long-term financial plan.
New York Times Co. fell 2.9% after Trump filed a $15 billion defamation lawsuit against the newspaper and four of its journalists on Monday.
In the bond market, the yield on the 10-year Treasury eased to 4.03% from 4.05% late Monday.
