Investors refrained from making big moves Monday ahead of the interest rate decision Wednesday by the Federal Reserve. Fred Katayama reports.
Wall Street drifted lower as drug and energy stocks like Merck and Chevron weighed on the Dow and S&P 500. Investors shied away from making big moves ahead of the Fed's interest rate decision later this week. Chad Morganlander of Washington Crossing Advisors: SOUNDBITE: CHAD MORGANLANDER, PORTFOLIO MANAGER, WASHINGTON CROSSING ADVISORS, (ENGLISH) SAYING: "I think investors are just going to be digesting what the Federal Reserve is going to do this week. They're also taking into consideration the jobs number that came out on Friday. So we're having somewhat of a pause in trading for today." 14:26:30 Intel shares weighing on the S&P 500 and Dow. The chip maker is paying more than $15 billion for the Israeli driverless technology firm, Mobileye, whose shares zoomed higher. It's the largest purchase ever of an Israeli high tech company. Boeing shares down after Morgan Stanley downgraded the aircraft maker. But they recovered after Boeing landed an order for 30 737-MAX 8 planes worth $3.3 billion from a subsdiairy of China Development Bank FInancial Leasing. Herbalife shares rising. Billionaire investor Carl Icahn raised his stake in the nutrional supplements maker to nearly 25 percent. In Europe, a broad-based rally led by materials and consumer stocks led shares slightly higher.