U.S. Stocks Steady Ahead of Federal Reserve's Interest Rate Decision

U.S. stock markets remained largely unchanged on Tuesday as investors awaited the Federal Reserve's upcoming interest rate announcement. The S&P 500 edged down by 0.1% to 6,840.51, staying near its all-time high. The Dow Jones Industrial Average declined 0.4% to 47,560.29, while the Nasdaq Composite rose 0.1% to 23,576.49.

JPMorgan Chase shares fell 4.7% after a top executive indicated that the bank's expenses could rise to $105 billion next year, a 9% increase from this year's estimated $95.9 billion.

Toll Brothers reported weaker-than-expected quarterly results, leading to a 2.4% decline in its stock. CEO Douglas Yearley Jr. noted that demand for new homes remains soft in many markets, citing affordability pressures affecting potential buyers.

Investors are widely anticipating a third interest rate cut from the Federal Reserve this year. However, uncertainty remains about future actions, especially for 2026, amid persistent inflation above the Fed's 2% target and mixed economic signals.

Treasury yields climbed slightly after a report showed that U.S. employers had 7.7 million job openings at the end of October, suggesting that the job market may not require additional support from lower interest rates.

In corporate news, Exxon Mobil's stock rose 2% following an increased profit forecast, attributed in part to strong performance in the Permian Basin and offshore Guyana. Ares Management shares jumped 7.3% after being added to the S&P 500 index. CVS Health gained 2.2% after unveiling new financial forecasts, including expectations for annual compounded growth in earnings per share at a "mid-teens" percentage over the next three years.

Nvidia's stock slipped 0.3% after President Donald Trump allowed the company to sell an advanced AI chip to "approved customers" in China.

Global markets were mixed, with notable declines of 1.3% in Hong Kong and 0.7% in Paris.