STORY: Wall Street closed little changed on Monday as market participants looked ahead to the U.S. Federal Reserve's expected decision to leave key interest rates unchanged on Wednesday.
The Dow, S&P 500 and Nasdaq finished up a tad each with the S&P making the biggest move up about one tenth of one percent.
The lack of conviction from market participants comes as no surprise to Carol Schleif... the Chief Investment Officer at BMO Family Office.
“I think it's tough to put too much weight on the markets today or probably through until Wednesday after we get the Fed announcement and more importantly, the conversation with Chairman Powell, so I think markets are holding pretty steady. It's interesting when you look down at some of the sectors that technology is leading the way today and a piece of that could be carried over from the Arm IPO last week and you've got some more talk about IPO pricing and a little stability in that market, which we haven't seen in a very long time.”
The information technology sector in the S&P 500 rose about half of one percent...the second best performer after energy... though ARM Holdings fell close to five percent after Bernstein initiated coverage with an "underperform" rating just days after its stellar debut.
North Face and Timberland owner VF Corp fell nearly 5% after Piper Sandler cut its rating on the shares to "neutral" from "overweight."
Meanwhile, traders are also watching a stalemate on Capitol Hill, which could result in a potential government shutdown. Treasury Secretary Janet Yellen on Monday said that while she sees no risk of an economic downturn, she warned that a government shutdown would cause a loss of momentum.