The stock market increased modestly on Monday, finding support in the technology stocks while market participants eyed a key policy decision from the Federal Reserve later this week.
The S&P 500 eked out a gain of 0.1%, finishing near its session lows. The Dow Jones Industrial Average increased 0.1%, the Nasdaq Composite increased 0.6%, and the Russell 2000 increased 0.7%.
The Federal Open Market Committee will release its rate decision at the conclusion of its two-day policy meeting on Wednesday. While no rate cut is expected, expectations are high for the Fed to signal it is willing to lower rates sooner rather than later.
Equity futures after hours: S&P 500 futures +2.0 vs. Fair Value of 2,895; Nasdaq 100 futures +7.5 vs. Fair Value of 7,555.
There are no earnings scheduled for this afternoon or tomorrow morning. ADBE, JBL and LZB are out tomorrow afternoon.
EQT (EQT) is up 2.5% higher after preannnouncing strong second quarter results with higher cash flow and sales volumes.
May Housing Starts (Briefing.com Consensus 1.24 mln vs. 1.139 mln in April) and Building Permits (Briefing.com Consensus 1.295 mln from 1.269 mln) will be released tomorrow morning at 8:30.