US stocks end flat ahead of Fed meeting

The S&P 500 hit an all-time intraday high on Tuesday morning before it retreated, closing the day flat. The Nasdaq 100 similarly eked out a small gain. Small caps’ momentum continued, as the Russell 2000 added 0.7%.

Economic data in the morning eased worries about an economic slowdown, as retail sales in August unexpectedly rose. The Fed will deliver its interest rate decision at 2 p.m. Eastern time on Wednesday, with traders pricing a roughly 65% chance of a 50 basis point cut according to CME FedWatch, up slightly from Monday.

At the sector level, cyclical sectors were outperforming the rest; energy led all major S&P sector ETFs with a 1.4% advance. Both WTI crude futures and Brent crude futures gained more than 1% and settled at their highest points this month.

On the other hand, health care, a defensive sector, was the biggest laggard, down 1%.

Bond yields ticked higher, while the US dollar gained.

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