Wall Street opens slightly higher on Monday ahead of key FOMC meeting

  • S&P 500 Communication Services Index outperforms other major sectors on Monday.
  • Investors are likely to remain on the sidelines waiting for the Fed’s policy announcements.

Ahead of Wednesday’s key FOMC meeting, major equity indexes in the United States started the day modestly higher on Monday. As of writing, the Dow Jones Industrial Average was adding 0.08% on the day while the S&P 500 and the Nasdaq Composite were up 0.2% and 0.75%, respectively.

Among the 11 major S&P 500 sectors, boosted by a 3% jump in social-media giant Facebook’s shares, the Communication Services Index is rising 0.85% to lead the gains. On the other hand, the Consumer Staples Index is erasing 0.6% as the worst performing sector in the early trade.

Today’s data from the U.S. revealed that the NY Fed’s Empire State Manufacturing Index dropped to its lowest level since late 2016 at -8.6 and missed the market estimate of 10 by a wide margin but was largely ignored by stock markets.

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