Stocks mixed; investors brace for Fed meeting

Wall Street capped a choppy day of trading with a mixed finish for stock indexes Monday, as investors brace for another sharp interest rate hike by the Federal Reserve this week as the central bank combats inflation.

The S&P 500 edged up

0.1% after fluctuating between gains and losses. The Dow Jones Industrial Average rose 0.3%, while the techheavy Nasdaq Composite fell 0.4%.

Smaller company stocks fared better than the broader market, sending the Russell 2000 0.6% higher.

The major indexes are coming off solid gains last week following a mix of mostly better-than-expected reports on corporate profits. Falling yields in the bond market also helped, easing the pressure on stocks after expectations for rate hikes by the Fed sent yields soaring much of this year.

The S&P 500 rose 5.21 points to close at 3,966.84 Monday. The Dow gained 90.75 points to 31,990.04, and the Nasdaq fell 51.45 points to 11,782.67. The Russell 2000 added 10.89 points to 1,817.77.

Energy companies, banks and health care stocks helped lift the market Monday.

Exxon Mobil rose 3.3% and Bank of America added 0.9%. UnitedHealth Group gained 1.5%.

Losses by technology and communications stocks kept indexes’ gains in check. Chipmaker Nvidia fell 1.7% and Meta closed 1.6% lower.

Restaurant chains, retailers and other companies that rely on direct consumer spending also fell. Olive Garden owner Darden Restaurants dropped 2.1%, while Dollar Tree fell 2.1%.

World Wrestling Entertainment jumped 8.4% after CEO Vince McMahon retired Friday amid an investigation into alleged misconduct.

Weber slumped 12.6% after the Illinois-based grill maker announced the departure of CEO Chris Scherzinger. It also pulled its 2022 forecast and suspended its dividend.

Newmont slid 13.2% for the biggest decline in the

S&P 500 after the gold miner’s second-quarter earnings fell sharply from a year earlier amid higher costs and weaker gold prices.

Bond yields rose. The twoyear Treasury yield, which tends to move with expectations for the Fed, rose to 3.04% from 2.97% late Friday. The 10-year yield, which influences mortgage rates, rose to 2.81% from 2.78%.

Earnings were mostly quiet, but pick up later this week when technology heavyweights like Apple, Meta, Microsoft and Amazon all report their results. Other big companies reporting this week include Coca-Cola and McDonald’s, where investors may look to see the impact of inflation on these inflationconscious, consumer-facing companies.