Don’t look now, but the stock market is back to breakeven.
The Nasdaq Composite turned positive on Tuesday, while the S&P 500 was flat. The Dow was still down 89 points, or 0.2%.
But breadth was improving slightly as the day rolled on: The Invesco S&P 500 Equal Weight ETF was down just 0.2% and climbing with roughly 209 S&P stocks now rising.
Things were also improving at the sector level, where five of the major S&P sectors moved into positive territory.
There wasn’t much happening as the Federal Open Market Committee began its two-day policy meeting. Markets were looking ahead to tomorrow’s interest-rate decision, where the central bank is widely expected to cut rates by a quarter point.
Traders may be bracing for a potential stock slide on the news after the market rallied to record highs as hopes of a September cut grew.
Wall Street will be looking to glean further insight on future cuts from the Fed’s Summary of Economic Projections and Chairman Jerome Powell’s press conference.
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