The indexes finished the day with minor losses on slightly negative breadth. The day can basically be summed up as "tedious waiting" for news on tariffs. It just is not possible to make any big moves unless you simply like to make random bets.
Wednesday not only do we have to wait some more for tariff news, but we also have to wait until 2 p.m. ET for the Fed interest rate decision. No one is expecting the Fed to change rates, but there will be the usual parsing of the policy statement and the news always elicits a response even when the news is not significant.
Unfortunately, the only reasonable advice that makes any sense right now is to stay patient and be flexible. This is not the time to make big moves, as it is folly to believe that we can predict how things may develop from here.
The Fed news Wednesday may stir up a little volatility but it won't last long as the only thing that really matters right now is whether tariff increases are delayed.
There was some pockets of trading action as bored market players traded among themselves.
The good news is that we should have some fireworks on the tariff news and at least it won't be nearly as boring.
Have a good evening. I'll see you Wednesday.