Stocks were flat to slightly lower this morning as nervous investors continued to monitor the run-up to the 2016 election and wait for news from the Federal Reserve, which concludes a two-day policy meeting on Wednesday.
The Associated Press reports the Dow Jones industrial average lost 15 points, or 0.1%, to 18,129 as of 9:20 a.m. The Standard & Poor’s 500 index lost three points, or 0.1%, to 2,123 and the Nasdaq composite lost six points, or 0.1%, to 5,183.
Increasingly, investors’ focus has been the presidential election, as polls between Hillary Clinton and Donald Trump appear to have tightened following last week’s news that the FBI had opened a new investigation into Clinton’s private email server. The narrowing in the race has introduced a new element of uncertainty into the market, something that analysts say is likely to keep trading in check.
Meanwhile, new reports out this morning show U.S. manufacturing grew last month at the fastest pace since July, a sign that American factories are coping with economic weakness overseas and a strong dollar. The Institute for Supply Management says its manufacturing index came in at 51.9 up from 51.5 in August. Anything above 50 signals growth. Production and export orders grew faster in October.
U.S. benchmark oil futures rose 17 cents to $47.04 a barrel on the New York Mercantile Exchange this morning. Brent crude, the international standard, rose 15 cents to $48.76 a barrel. The Federal Reserve started its two-day meeting today, where it is widely expected the nation’s central bank will keep interest rates stable.
