Stocks took a step back today, as the highly anticipated Federal Reserve meeting kicked off. Investors are keeping a close eye on tomorrow's commentary, which is expected to drive market direction depending on the tone the Fed takes regarding tapering and monetary policy. Economic data also weighed on markets today. There was a worse-than-expected decline in retail sales for May, while producer prices saw their most accelerated year-over-year rise on record. The Dow and Nasdaq both saw substantial losses, with the former shedding 94 points and the latter snapping a three-day win streak. The S&P 500 also sank and lost a three-day streak of its own, while distancing itself from yesterday's record highs.
The Dow Jones Average (DJI - 34,299.33) lost 94.42 points or 0.3% for the day. Chevron (CVX) led the Dow components with a 2.5% rise, while JPMorgan Chase & Co (JPM) paced the laggards, falling 1.5%.
Meanwhile, the S&P 500 Index (SPX - 4,246.59) lost 8.6 points, or 0.2%. The Nasdaq Composite (IXIC - 14,072.86) added 101.3 points, or 0.7% for the day.
Lastly, the Cboe Volatility Index (VIX - 17.02) dropped 0.6 points or 3.8%.
OIL HITS TWO-AND-A-HALF YEAR HIGH; GOLD SINKS LOWER
Oil prices picked back up their rally on Tuesday, surging to their highest settlement in over two-and-a-half years. Investors are looking ahead toward tomorrow's Energy Information Administration (EIA) report, with crude supplies expected to fall by 4.2 million barrels last week. July-dated crude added $1.24, or 1.8%, to settle at $72.12 per barrel.
Gold prices hit another one-month low today, with the precious metal pressured lower by building anticipation surrounding the two-day Federal Reserve meeting. August-dated gold dipped $9.50, or 0.5%, to settle at $1,856.40 an ounce.
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