The stock market saw a mixed day on Tuesday, with the S&P 500 and Dow Jones Industrial Average closing slightly lower, while the Nasdaq Composite ended in positive territory.
The S&P 500 fell 0.1%, while the Dow Jones Industrial Average dropped 0.2%. The Nasdaq Composite, on the other hand, rose 0.2%.
Investors were closely watching the Federal Reserve’s two-day policy meeting, which began on Tuesday. The central bank is expected to announce its decision on interest rates and provide insight into its economic outlook on Wednesday.
In corporate news, shares of Tesla Inc. rose 1.3% after the electric vehicle company announced a five-for-one stock split. This move is aimed at making the stock more accessible to investors.
Meanwhile, shares of Apple Inc. and Microsoft Corp. both closed lower, despite reaching record highs earlier in the day. Apple’s stock fell 0.8%, while Microsoft’s stock dropped 1.3%.
In the energy sector, oil prices saw a slight increase, with U.S. crude oil futures rising 0.4% to $42.89 per barrel. This comes after a report from the American Petroleum Institute showed a larger-than-expected drop in U.S. crude inventories.
In the world of retail, Home Depot Inc. reported strong second-quarter earnings, with sales increasing by 23.4%. However, the company’s stock fell 1.8% as investors were concerned about the sustainability of this growth.
On the economic front, the U.S. housing market continued to show signs of recovery, with housing starts rising by 22.6% in July. This is the highest level since February and a positive sign for the economy.
Overall, it was a mixed day for the stock market, with investors eagerly awaiting the Federal Reserve’s decision on interest rates and keeping a close eye on corporate earnings. With the ongoing uncertainty surrounding the COVID-19 pandemic, the market remains volatile and unpredictable.
