Stocks end mixed ahead of the Fed's interest rate decision

GameStop Corp. was sharply lower for a second day

U.S. stocks finished mixed ahead of the Federal Reserve's decision on interest rates due Wednesday.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 33830.99 -306.32 -0.90%
SP500 S&P 500 4135.62 -37.80 -0.91%
I:COMP NASDAQ COMPOSITE INDEX 13814.237764 -135.98 -0.97%

The Dow Jones Industrial Average fell 128 points, or 0.39%, while the S&P 500 lost 0.16%. Both indexes slid off record highs. The tech-heavy Nasdaq Composite, meanwhile, rose 0.09%.

Traders continue to monitor bond yields, which have risen sharply this year amid inflation concerns, ahead of the Fed’s interest rate decision. The benchmark 10-year yield was down 1 basis point Tuesday to 1.59% after starting the year at 0.916%.

In stocks, Starbucks Corp., Deere & Co. and D.R. Horton Inc. were among the companies that saw shares reach intraday record highs.

Ticker Security Last Change Change %
SBUX STARBUCKS CORP. 115.98 -0.76 -0.65%
DE DEERE & CO. 368.40 -7.45 -1.98%
DHI D.R. HORTON INC. 94.84 +1.64 +1.76%

Elsewhere, GameStop Corp. shares were under pressure for a second day after plunging 17% during the prior session. The stock has gained 1,068% this year.

Ticker Security Last Change Change %
GME GAMESTOP 150.98 -7.36 -4.65%
AMC AMC ENTERTAINMENT HOLDINGS INC 9.99 +0.20 +2.10%

AMC Entertainment Holdings remained in focus after shares spiked 26% Monday following news that the company’s locations in Los Angeles County began reopening from their COVID-19 induced shutdowns.

Moderna Inc. has begun a Phase 2/3 trial of its COVID-19 vaccine for children aged 6 months to less than 12 years.

Ticker Security Last Change Change %
MRNA MODERNA, INC. 167.74 -1.76 -1.04%
FOXA FOX CORP. 38.13 -0.48 -1.24%

Meanwhile, Fox Corp. Chairman Rupert Murdoch purchased about 457,000 shares at an average price of $42.77 apiece, worth more than $21 million. Murdoch now owns 1.295 million shares. Fox is the parent company of FOX Business and Fox News.

Ticker Security Last Change Change %
CVX CHEVRON CORP. 101.02 -1.79 -1.75%
XOM EXXON MOBIL CORP. 55.28 -0.69 -1.22%

Oil majors, including Chevron Corp. and Exxon Mobil Corp., were lower as West Texas Intermediate crude oil slid 59 cents to $64.80 per barrel.

Elsewhere in commodities, gold ticked up $1.70 to $1,730.60 an ounce and silver lost 28 cents to $25.97 an ounce.

Overseas markets were broadly higher.

In Europe, Britain’s FTSE 100 advanced 0.8%, Germany’s DAX 30 climbed 0.66%, and France’s CAC 40 rose 0.32%.

China’s Shanghai Composite index paced the gains in Asia, trading up 0.78%, while Hong Kong’s Hang Seng index and Japan’s Nikkei 225 index rallied 0.67% and 0.52%, respectively.