US stocks traded lower in a choppy trading session, shedding earlier gains, as investors awaited the policy statement from the Federal Reserve at the end of its two day meeting and the Greece Impasse continued to weigh on equities.
The Dow Jones Industrial Average most recently fell 41.64 points or 0.23% at 17,861.80 points. The blue-chip index had climbed more than 40 points after the bell with most analysts expecting the Fed to indicate that their monetary tightening policy will start to take effect in September.
The S&P 500 Index gained 5.60 points or 0.23% at 2090.30 points erasing a 4 point jump after the bell.
All ten major sectors of the benchmark index were trading lower with telecommunications and energy leading the losses.
The technology heavy Nasdaq Composite edged down 7.46 points or 0.14% at5071 points with Apple leading the losses with a 0.5% decline.
Investors are expected to scour the statement, due at about 1800 GMT, for any indications of the timing of the Federal Reserve’s first rate hike and the pace of subsequent increases.
According to Reuters, the statement is expected to be followed by a news conference by the Fed chairwoman, Janet Yellen during which she is expected to focus on the fact that the economy has showed signs of growth in the second quarter after a weak first quarter.
The Chair had announced earlier in the month that the Fed would look out for sign of economic growth before considering a rate hike.
“Investors will be focusing on three things today: the policy statement, which will have some if any hints about the timing of the initial rate hike, the press conference with Fed Chairwoman Janet Yellen, and dot plots,” Marc Pfeffer, senior portfolio manager at CLS Investments, told Market Watch.
To contact the reporter of the story: Samuel Rae at firstname.lastname@example.org