S&P 500 dips ahead of Fed minutes

The S&P 500 slipped slightly on Wednesday as investors awaited the release of the Federal Reserve’s latest meeting minutes for insights into when the central bank may start removing stimulus. The Dow Jones Industrial Average shed roughly 55 points, after it snapped a 5-day winning streak on Tuesday. The S&P 500 dipped 0.2% and the Nasdaq Composite traded near the flatline.

“This is the summer grind,” said Jeff Kilburg, Sanctuary Wealth chief investment officer. The Fed publishes its meeting minutes from its July gathering at 2 p.m. ET. Market participants will be looking for clues about when the central bank could start dialing back its monthly bond buying program.

“The Fed minutes are always critical and scrutinized, and more importantly, they help illuminate the real sentiment inside of the Fed,” Kilburg said. Since that July meeting, there’s been growing support within the Fed to announce a tapering in September and begin it in October. The 10-year Treasury yield inched slightly higher to around 1.27% on Wednesday ahead of the release.

S&P 500 dips ahead of Fed minutes, CNBC, Aug 19