Fri, 18 Jun 2021

NEW YORK, New York - U.S. stocks were little moved on Tuesday as investors and traders weighed up the possible outcome of next week's monthly meeting of the Federal Reserve.

"There is more and more evidence of improving economic momentum. However, even as the market is pricing inflation to be transitory, they now expect the period of inflationary pressures to be slightly longer than initially thought," Jon Adams, senior investment strategist, BMO Global Asset Management told Reuters Thomson Tuesday.

The Federal Reserve's meeting next week is widely anticipated to provide more cues on policy, given that weak payrolls data - a key factor for the Fed to alter policy - had recently dented expectations of tapering, Reuters said Tuesday.

U.S. stocks have been range-trading the past few days, with little data on the horizon that may alter the state of play.

"It's a very good and healthy pause the markets have taken right now and I would expect it to remain range-bound for now until any data that comes as a surprise," Sean O'Hara, president of Pacer ETFs in Malvern, Pennsylvania told Reuters Tuesday.

At the close, on Tuesday the Standard and Poor's 500 was ahead just 0.74 of a single point or 0.02 percent at 4,227.26.

The Dow Jones industrials slipped 30.42 points or 0.09 percent to 34,599.82.

The tech-laden Nasdaq Composite gained 43.19 points or 0.31 percent to close at 13,924.91.

The U.S. dollar remained in a coma, hardly moving again the major currencies, although the commodities bloc eased a touch on Tuesday.

The euro was last quoted at 1.2173 approaching the New York close Tuesday. The British pound was steady at 1.4158. The Japanese yen was unmoved at 109.49. The Swiss franc range-traded around 0.8968.

The Canadian dollar inched down to 1.2112. The Australian dollar softened to 0.7740. The New Zealand dollar eased to 0.7196.

On overseas markets, the FTSE 100 in London advanced 0.25 percent. Paris-based CAC 40 added 0.11 percent. The German Dax declined 0.23 percent.

On Asian markets, the Australian All Ordinaries managed a small gain. The key index rose 11.70 points or 0.14 percent to 7,542.30.

In Japan, the Nikkei 225 fell 55.68 points or 0.19 percent to 28,963.56.

China's Shanghai Composite slid 20.28 points or 0.56 percent to 3,579.26.

In Hong Kong, the Hang Seng dipped 5.90 points or 0.02 percent to 28,781.38.

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