By Devik Jain
(Reuters) – U.S. stock indexes showed no common direction on Tuesday, as financial stocks rallied and mega-cap growth stocks slumped as investors braced for a sharp rise in interest rates by the Federal Reserve to contain prices.
Seven of the top 11 S&P sectors were up on trading, with the financial and energy sectors up 0.8% and 1.5%, respectively.
Apple Inc, Meta Platforms, Microsoft Corp and Nvidia Corp were all down between 0.3% and 0.4%, weighing on the S&P 500 and Nasdaq.
The US central bank kicks off its policy meeting on Tuesday, with traders seeing a 93.3% chance of a 0.5 percentage point hike in interest rates on Wednesday. The focus will be on Fed Chair Jerome Powell’s press conference and his comments on the future path of interest rates and balance sheet reduction.
At 12:03 (GMT) the Dow Jones index was up 0.08% to 33,088.80 points, while the S&P 500 was down 0.06% to 4,153.03 points. The Nasdaq Composite technology index fell 0.55% to 12,466.73 points.
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