Stocks Opened Little Changed ahead of Fed Meeting

U.S. stocks opened little changed on Monday as uncertainty over the Federal Reserve’s policy decision due this week kept investors on the sidelines. The Dow Jones Industrial Average lately fell 62.60 points, or 0.38%, to 16,370.49. The S&P 500 was down 5.79 points, or 0.30%, to 1,955.26. The Nasdaq Composite shed 3.47 points, or 0.07%, to 4,818.87.

OPEC has cut its oil production forecasts for states like the U.S. that are not members of the cartel. The group said Monday it had lowered its forecast for daily oil supply growth this year from non-member states by 72,000 barrels a day to 880,000 due to lower than expected output in the U.S.

Apple said sales of its new iPhones were on pace to beat the 10 million unit sales it logged during the first weekend of sales last year. Analysts had expected the company to log about 4.5 million preorders, in comparison with 4 million during the period last year.

Solera Holdings Inc. agreed to be acquired by an affiliate of Vista Equity Partners in a deal valued at around $6.5 billion, including net debt.

Crude-oil futures trimmed early gains to move lower in Asian trade Monday as markets grappled with continued oversupply, weakening demand and intraday losses in Chinese equity markets. October Brent crude  on London’s ICE Futures exchange fell $0.30 to $47.77 a barrel.