The moves come after a muted but important day on the Street.
This comes as traders prepare for the two-day Fed policy meeting commencing Tuesday. The meeting will conclude on Wednesday with an interest rate policy decision and a subsequent press conference featuring Federal Reserve Chair Jerome Powell.
While investors are anxiously awaiting the policy announcement, they are largely pricing in that the borrowing rate remains unchanged. Fed funds futures were indicating virtually no chance of a cut at this week's meeting, according toBefore the Fed decision, investors will analyze small business data due out Tuesday. On Wednesday, they will closely follow the consumer price index reading for May expected in the morning.
This figure calculates the S&P 500's average close over the past 200 sessions. The broad index trading above that level generally means it is considered to be in an uptrend. Since it is currently so far above the 200-day average, the S&P 500 could theoretically pull back without breaking below this key level. The S&P 500 rose to a fresh record close on Monday, bringing its year-to-date gain up to 12.4%.
"This isn't a sell signal by itself, but historically it doesn't spend much time above this threshold," chief market technician Jonathan Krinsky told clients."We remain tactically cautious here, while finding opportunistic single-name ideas."The businesses have reportedly talked about offering between $22 and $25 per share for DXC, according to Reuters. Apollo shares were little changed after hours, while Kyndryl slipped more than 1%.
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