The S&P 500 index edged down 0.2% last week, ending the week nearly flat as losses in the technology, industrial and materials sectors managed to slightly outweigh gains across all other sectors.
The market benchmark ended Friday’s session at 4,450.32, down from last week’s closing level of 4,457.49. The index is now down 1.3% so far in September, but still solidly in positive territory for 2023 with a year-to-date climb of 16%.
Last week’s slight move came as investors digested data showing annual consumer inflation accelerated at a faster pace than expected in August and producer prices rose more than projected.
Investors are parsing the data ahead of a two-day Federal Open Market Committee meeting next week. While the policy-setting committee isn’t expected to raise rates at the September meeting, investors will be looking for clues on its next moves, especially as speculation has been rising that the committee may raise rates at its late October/early November meeting.
The technology sector fell 2.2%, followed by a 0.6% drop in industrials and a 0.1% decline in materials. All other sectors rose, led by a 2.7% gain in utilities, a 1.7% increase in consumer discretionary and a 1.4% rise in financials.
This week’s economic calendar will be heavy on housing data, with August starts and building permits due Tuesday and August existing home sales expected Thursday. However, most attention will be on the two-day FOMC meeting that is set to conclude on Wednesday.
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