S&P 500 Gains and Losses Today: Index Little Changed Ahead of Fed Decision

U.S. equities were little changed, with the S&P 500 up 0.07%%, as investors focused on this week’s Federal Reserve meeting, when it’s expected policymakers will pause raising interest rates as inflation slows.

Shares of Apple (AAPL) advanced 1.7% after Morgan Stanley indicated lead time and preorders for the new iPhone 15 were encouraging.

Lennar (LEN) added 2% as RBC Capital Markets boosted the price target after the home builder reported better-than-expected quarterly results last week.

Valero Energy Corporation (VLO) doubled its stock buyback plan by up to another $2.5 billion, and shares of the gas station operator and petroleum refiner rose 1.8%.

Ralph Lauren (RL) shares picked up 0.8% as Guggenheim upgraded the stock, saying the high-end clothing retailer had significant growth potential.

Shares of Moderna (MRNA) lost 9%, and Pfizer (PFE) shares dropped 1%, when Pfizer CFO David Denton said his firm believes the COVID-19 vaccination rate in the U.S. will be 24% this year.

Tesla (TSLA) shares dipped 3% after Goldman Sachs predicted the electric vehicle maker’s profit will be hurt by Tesla’s recent price cuts.

Incyte (INCY) shares fell 5% following Food and Drug Administration (FDA) approval of rival GSK’s (GSK) competing treatment for blood cancer.

Caesars Entertainment (CZR) shares dipped 3.6% as the hotel and casino operator was hit with a cyberattack just days after the same fate befell rival MGM Resorts International (MGM).