S&P 500 ends US session flat as investors eye FOMC, earnings

The S&P 500 seesawed on Monday and ended close to unchanged as investors girded for an expected rate hike at Fed’s meeting, this week and earnings from several large-cap growth companies.

The Nasdaq ended lower, and S&P 500 technology and consumer discretionary led declines among major S&P sectors. The energy sector gained along with oil prices. Markets are generally waiting for all this week’s developments to play out.

The Fed is expected to announce a 75 basis-point rate hike at the end of its two-day monetary policy meeting on Wednesday, effectively ending pandemic-era support for the US economy. Comments by Fed Chairman Jerome Powell following the announcement will be key, as some investors worry that aggressive rate hikes could tip the U.S. economy into recession.

This week is expected to be the busiest in the second-quarter reporting period, with results from about 170 S&P 500 companies due. Microsoft and Google-parent Alphabet are due to report Tuesday. Apple and Amazon are set for Thursday.