Stock market today: Wall Street drifts ahead of the final Federal Reserve meeting of the year

NEW YORK (AP) — Stocks fluctuated in morning trading Monday on Wall Street before the Federal Reserve last meeting of the year.

The S&P 500 swung between small gains and losses. The benchmark index hit its highest level in 20 months on Friday. The Dow Jones Industrial Average rose 31 points, or 0.1%, to 36,282 as of 10:02 a.m. ET. The Nasdaq fell 0.3%.

Macy's jumped 16.4% following reports that an investment group is launching a bid to take the historic retailer private for $5.8 billion.

Treasury yields rose. The 10-year Treasury yield rose to 4.26% from 4.23% late Friday.

Crude oil prices remained stable.

Markets in Asia were mostly higher, while markets in Europe were mixed.

The big focus on Wall Street this week will be updates on inflation at the consumer and wholesale level, along with the latest update from the Federal Reserve on its interest rate policy.

On Tuesday, the government will release its November report on consumer inflation. Analysts expect the report to show inflation continued to slow to 3.1% from 3.2% in October. On Wednesday, the government will release its November report on wholesale inflation, which is also expected to show that the inflation rate is declining.

The updated inflation data is released ahead of the Fed's latest interest rate update and statement on Wednesday afternoon. The central bank is expected to hold its benchmark rate steady for the third time in a row after spending much of 2022 and much of 2023 aggressively raising rates.


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