U.S. stocks fluctuated following two days of declines, as crude oil paced a rebound among commodity shares and investors weighed the prospects for global growth.
The Standard & Poor’s 500 Index lost 0.2 percent to 2,059.07 at 9:33 a.m. in New York, declining for the fifth time in six sessions.
Stocks fell Tuesday as weak trade data from China rekindled worry the slowdown there will spread — a concern that sparked the summer rout in equities. Attention has refocused on global growth as the Federal Reserve is widely expected to raise interest rates one week from today for the first time since 2006. Traders are pricing in an 80 percent chance the central bank will lift off at the conclusion of its two-day meeting on Dec. 16.
Investors are watching economic data for evidence that the U.S. recovery is sturdy enough to withstand higher borrowing costs. A report today is forecast to show growth in wholesale inventories slowed in October. Data on retail sales, producer prices and consumer sentiment are due at the end of this week.
The S&P 500 is more than 3 percent away from its all-time high set in May, after a Dec. 1 rally brought it to within 1.4 percent of the record. The benchmark has rebounded more than 10 percent from an August low, bolstered by gains of at least 13 percent in technology and consumer discretionary shares.
Source : Bloomberg