US markets today: Wall Street edges higher ahead of Fed decision, AppLovin and Robinhood surge on S&P 500 inclusion
US stocks traded mixed on Monday, with the S&P 500 inching closer to its record high as investors awaited key economic data that could influence the Federal Reserve’s interest rate decision next week.The S&P 500 rose 0.2%, while the Nasdaq Composite added 0.6%. The Dow Jones Industrial Average slipped 16 points, or less than 0.1%, as of 12:32 p.m. Eastern time, AP reported.AppLovin and Robinhood Markets led gains after being slated to join the S&P 500 index later this month, alongside Emcor Group. The reshuffle will see them replace MarketAxess Holdings, Caesars Entertainment and Enphase Energy, which will move to the S&P SmallCap 600 after their valuations shrank. Shares of AppLovin jumped 12.2%, Robinhood surged 15.2%, while Emcor slipped 0.5%. In contrast, the outgoing trio fell between 0.3% and 3.4%.EchoStar soared 14.7% after announcing a $17 billion deal to sell spectrum licences to Elon Musk’s SpaceX in cash and stock. SpaceX also agreed to cover around $2 billion in interest payments on EchoStar debt until November 2027. The transaction, aimed at boosting Starlink’s direct-to-cell service, weighed on telecom giants Verizon and AT&T, which fell 1.9% and 1.6% respectively.PNC Financial Services declined 1% after revealing plans to acquire Colorado-based FirstBank for $4.1 billion.Market activity remained subdued as investors awaited a series of economic reports on jobs and inflation. Traders broadly expect the Fed to cut rates for the first time this year at its meeting two Wednesdays from now, though officials face the challenge of balancing a slowing job market with sticky inflation pressures.Treasury yields continued to ease, with the 10-year yield falling to 4.06% from 4.10% on Friday and 4.28% last Tuesday.In overseas markets, European and Asian equities advanced. Japan’s Nikkei 225 climbed 1.5% after Prime Minister Shigeru Ishiba confirmed plans to resign, paving the way for the ruling Liberal Democratic Party to elect a new leader. Separately, Japan’s Cabinet Office revised its fiscal first-quarter GDP growth estimate to 2.2% from 1%, citing stronger consumer spending and inventory gains.
