Stock Market Today: Dow futures hold record highs as Fed rate cut looms
The S&P 500 was up 1.49 points, ending flat at around 5,634.58. It briefly touched its previous all-time closing high of 5,667.20 in the morning session. The large-cap benchmark index has risen for seven straight days, scoring its largest seven-day point and percentage gain since August 21, according to Dow Jones Market Data.
The Dow Jones Industrial Average lost 15.90 points, or less than 0.1%, also leaving it nearly flat at 41,606.18. The blue-chip index snapped its four-day winning streak, according to Dow Jones Market Data.
The Nasdaq Composite rose 35.93 points, or 0.2%, ending at 17,628.06.
The Federal Reserve on Wednesday is set to lower interest rates at the conclusion of its two-day policy meeting. While a rate cut is widely expected, Wall Street is still split between predicting a cut of 25 basis points versus one of 50 basis points.
Traders in the federal-funds futures market on Tuesday saw a 63% chance that the central bank will unveil a half-point cut, up from around 40% last week, and a 37% probability of a quarter-point cut, according to the CME FedWatch Tool.