Wall Street ended Tuesday's session in the green, with the Dow Jones eking out a gain after slipping earlier in the session. The S&P 500 and Nasdaq rose as tech shares brought broad market gains. Investors mostly maintained trades on Tuesday in anticipation for the Federal Open Market Committees upcoming statement on the Federal Reserve's monetary policy scheduled for Wednesday. The central bank is expected to reaffirm its cautious stance on economic growth amid the coronavirus pandemic, as well as lay more foundation for its newly announced policy framework that would allow for more inflation to keep interest rates as low as possible.
Here's how the market settled on Tuesday:
S&P 500 Index (SPY ): +0.52% or +17.66 points to 3,401.20
Dow Jones Industrial Average (DIA ): +0.01% or +2.27 points to 27,995.60
Nasdaq Composite Index (QQQ ): +1.21% or +133.67 points to 11,190.32
For Major Stock News, big tech--Amazon (AMZN ), Apple (AAPL ), Facebook (FB ), Google (GOOGL ), Netflix (NFLX ) and Microsoft (MSFT )--lifted the Nasdaq as well as the broader market Tuesday. Nikola (NKLA ) shares fell following a report from Bloomberg News that the U.S. Securities and Exchange Commission is investigating Hindenberg Research's claims that the electric truck company committed fraud. Sony (SNE ) also was pressured after the video game console maker announced that it was cutting production targets for its upcoming Playstation5 by 20% due to issues with the consoles' computer chips.
For Sector Performance, most industries gained on Tuesday, with only Financials -1.36%, Energy -0.76% and Consumer Staples -0.10% falling behind. The positive performance gains were as follows: Communication Services +1.72%, Real Estate +1.39%, Consumer Discretionary +1.03%, Information Technology +1.00%, Utilities +0.73%, Materials +0.47%, Health Care +0.16%, and Industrials +0.08%.
For Commodities and Currency, the U.S. Dollar (UUP ) index was slightly up as the greenback modestly recovered as the euro fell Tuesday. The dollar index remains steady as analysts expect the Federal Reserve to maintain its current zero interest rate policy in its coming September monetary policy. Gold (GLD ) prices ended Tuesday mixed as spot gold was pressured by the increasing dollar, but the expected central bank policy limited the yellow metal's losses. Spot gold was down 0.1% at $1,955.21 per ounce, while futures gained 0.1% at settle at $1,966.20. Crude oil prices jumped on Tuesday, supported by U.S. output disruptions from the Gulf Coast hurricane. Yet, demand concerns weigh heavy on the commodity as the IEA forecasted a slow economic recovery from the pandemic. International benchmark Brent Crude (BNO ) climbed 2.3% to $40.53 per barrel, while West Texas Intermediate (USO ) increased 2.74% to settled at $38.28 per barrel.
For the mid-week, the Federal Reserve Chairman Jerome Powell is slated to deliver remarks on the central bank's monetary policy. Fresh data for U.S. retail sales is also scheduled for release.