US stocks end near flat ahead of Fed decision

Traders work on the New York Stock Exchange floor, in New York City. NEW YORK - Wall Street stocks ended a choppy session little changed on Sept 17, digesting a better than expected retail sales report ahead of a Federal Reserve decision. Overall retail sales rose unexpectedly by 0.

1 per cent from July to August at US$710.8 billion (S$920 billion), defying analysts’ anticipation of a 0.2 per cent decline, according to US data.



However, analysts said the data showed consumers tilting away from discretionary items towards essential needs, reflecting greater stress among consumers. The Federal Reserve is widely expected to lower interest rates on Sept 18, but markets are unsure of the size of the cut. The Dow Jones Industrial Average ended down less than 0.

1 per cent at 41,606.18, retreating from Sept 16’s record close. The broad-based S&P 500 rose less than 0.

1 per cent to 5,634.58, while the tech-rich Nasdaq Composite Index advanced 0.2 per cent to 17,628.

06. Futures markets currently view a 50 basis point interest rate cut as more likely than the 25 basis point reduction. Analysts say the Fed could go either way and that a key question will what the central ban signals about monetary policy in the coming months.

Among individual companies, Microsoft climbed 0.8 per cent after announcing a 10 per cent dividend increase and an authorisation of up to US$60 billion in share repurchases. Intel gained 2.

3 per cent after unveiling a plan with Amazon to produce AI fabric chip for Amazon Web Services, describing the initiative as an expansion of a long-term strategic collaboration. Amazon rose 1.1 per cent.

Hawaiian Holdings, parent of Hawaiian Airlines, rose 3.9 per cent after US officials approved its acquisition by Alaska Airlines. Alaska’s parent, Alaska Air Group, dipped 1.

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