Stocks Opened Slightly Lower ahead of Fed Decision

U.S. stocks opened slightly lower on Monday as investors waited for a decision on the next Federal Reserve head . The Dow Jones Industrial Average lately fell 45.70 points, or 0.20%, to 23,388.49. The S&P 500 lost 4.67 points, or 0.18%, to 2,576.40. The Nasdaq Composite gained 9.58 points, or 0.14%, to 6,710.84.

Oil futures were pushing higher early Monday, building on last week’s strong gains, on expectations OPEC-led production cuts would be extended beyond March although rising Iraqi exports put a lid on prices. U.S. West Texas Intermediate (WTI) crude futures were little changed at $53.89 a barrel. Benchmark Brent crude futures were 7 cents higher at $60.51 per barrel at 1050 GMT, close to their highest since July 2015.

U.S. consumer spending recorded its biggest increase in more than eight years in September, likely as households in Texas and Florida replaced flood-damaged motor vehicles, but underlying inflation remained muted. The Commerce Department said on Monday consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 1.0 percent last month.

Lennar Corp (LEN) said on Monday it would buy smaller rival CalAtlantic Group Inc (CAA) for about $6 billion, creating the largest homebuilder in the United States as the sector combats higher land acquisition costs and a tighter labour market.

Intel Corp.’s stock (INTC) surged 1.2% in morning trade Monday, which puts the stock on track to close at a 17-year high, after the chip maker was upgraded at BMO Capital, which signs of improving execution and attractive valuation.