Overview

• The Federal Reserve upheld its policy rate for a fifth straight meeting, with Chair Jerome Powell emphasizing patience and preserving committee unity
• U.S. economic growth accelerated at a 3% annualized rate in Q2, while the June JOLTS report showed job openings falling more sharply than expected
• About 170 S&P 500 companies have reported second-quarter earnings, producing a blend of positive surprises and shortfalls that has kept market gains muted
• Union Pacific’s takeover of Norfolk Southern was confirmed, creating a $250 billion coast-to-coast freight rail operator in the United States
• Major U.S. and European indices traded in tight ranges as investors awaited Thursday’s PCE inflation reading and Friday’s July jobs report for fresh policy clues