Investing.com – Wall Street ended off session lows despite late selling Tuesday, as gains in technology and expectations for the Federal Reserve to reiterate its accommodative stance on monetary policy kept losses in the broader market in check.
The Federal Reserve kicked off its two-day meeting on Tuesday and is widely expected to stand pat on interest rates but reiterate its readiness to roll out more stimulus to ensure an eventual economic recovery will be robust.
At its previous meeting, the Fed recently floated the idea of using yield curve control, which allows central banks to target specific government bond yield through the purchase and sale of bonds, to help keep lending rates near zero.
Apple jumped 3.16% as investors cheered a report suggesting the tech giant is set to begin production of iPhone 12 in July.
The general malaise in the broader market was paced by a slump in energy amid falling oil prices as investors appeared to take some profit on names in the sector that have jumped sharply recently.
The reopening trade – bullish bets on stocks tied to the progress of the economic reopening – took a breather, with travel and tourism stocks down sharply.
In other news, Stitch Fix (NASDAQ:SFIX) fell 4.6% after the company reported a wider-than-expected loss of $0.33 in its fiscal third quarter.