US stocks slip ahead of key Fed policy meeting

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Jerome Powell Senate Banking testimony
Federal Reserve Chair Jerome Powell adjusts his tie as he arrives to testify before a Senate Banking, Housing and Urban Affairs Committee hearing, July 15, 2021.

  • US stocks edged lower on Monday, extending last week’s gains ahead of a key Fed meeting.
  • The Federal Reserve is scheduled to meet Tuesday and Wednesday and could quicken the speed of its tapering program.
  • Apple is less than 1% away from hitting a $3 trillion valuation milestone in early Monday trades.

US stocks slipped on Monday, opening the week lower after last week’s gains ahead of a key Federal Reserve policy meeting this Tuesday and Wednesday.

Investors will be watching whether Fed Chairman Jerome Powell announces a quickening of its monthly bond purchase tapering program, as it seeks to combat an ongoing rise in inflation. The Fed could also set investor expectations as to when it may begin to raise interest rates in 2022. 

Apple is on the verge of becoming the first company ever to hit a $3 trillion valuation on Monday. The iPhone maker’s stock price needs to hit $182.85 for the $3 trillion market valuation to be reached. Shares traded at $181.72 in early Monday trades.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Monday:

JPMorgan said Apple’s upcoming budged 5G iPhone SE will help accelerate sales in 2022 and drive 17% upside in the stock to $210. The bank reiterated Apple as one of its top picks in a Monday note.

Arena Pharmaceuticals soared 97% on Monday after Pfizer agreed to acquire the biotechnology firm for $6.7 billion, or $100 per share. Arena Pharmaceuticals develops CAR-T technology and is developing a drug for ulcerative colitis.

They mayor of Miami is planning to take some of his 401(k) retirement savings in bitcoin as he continues to promote the city as a cryptocurrency haven. 

West Texas Intermediate crude oil dropped as much as 0.47% to $71.33 per barrel. Brent crude, oil’s international benchmark, fell as much as 0.52% to $74.76 per barrel.

Gold rose as much as 0.07% to $1,786.00 per ounce.