US stocks, heading for their third month of straight losses, struggled for direction in afternoon trading on Tuesday as investors weigh fresh consumer confidence data that fell for a third straight month, but still beat expectations ahead of the Federal Reserve’s upcoming policy decision on Wednesday.
The benchmark S&P 500 (^GSPC) jumped 0.3% while the Dow Jones Industrial Average (^DJI) and tech-heavy Nasdaq Composite (^IXIC) each reversed earlier losses to climb roughly 0.1%.
Bonds rallied after the US Treasury cut its estimate of how much the government would need to borrow in the fourth quarter, easing some pressure on stocks. The 10-year Treasury yield (^TNX) slid about 1 basis point to trade around 4.86%.
Fed policymakers have hinted that the recent surge in Treasury yields could be a factor in their decision making, given its tightening effect. Investors are highly focused on whether the central bank will hold interest rates steady, as most analysts expect, or hike at their meeting starting Tuesday.
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