(Bloomberg)
US stocks were little changed after a third day of declines dragged the Standard & Poor’s 500 Index to a two-month low, while investors watched for developments in Greece’s negotiations with its creditors.
The S&P 500 rose 0.1 percent to 2,081.02. at mid-afternoon in New York, after losing 0.7 percent Monday. The index is down 2.3 percent since it last closed at a record on May 21.
“It’s like we’re all waiting for a catalyst but we don’t really know where to look,” said Richard Hunter, head of equities at Hargreaves Lansdown Plc in London. “Everyone’s trying to double-guess when the Fed’s interest-rate hike will be and mixed data has not really made it too clear. You could buy on dips given the recent selloff, but you can also come up with a bunch of reasons not to invest.”
Reports on consumer sentiment and retail sales are due this week, both of which are forecast an improving economy. Jobs data last week showed the strongest hiring in five months and the biggest wage gains in two years, bolstering bets the Federal Reserve will raise interest rates this year.
Investors are also looking for signs of progress in Greece’s debt talks. The country submitted fresh proposals to its creditors in a bid to unlock bailout funds with just three weeks to go before its financial safety net expires. Greece last week rejected a set of policy measures hammered out by creditor institutions, while creditors rebuffed a separate plan put forward by Greece.
