Symbol	Name	Price		Change	%Change
DJIA	Dow Industrials	17674.82		-57.66	-0.33%
S& P 500	S& P 500 Index	2075.32		-3.74	-0.18%
NASDAQ	NASDAQ	4843.55		-4.89	-0.10%

 

Stocks close lower financials fall more than 1%

U.S. stocks closed lower Tuesday, amid declines in oil prices, as investors looked ahead to the conclusion of the Fed meeting and the U.K. vote on whether to leave the European Union.

The major averages ended well off session lows, with the S & P 500 just a touch below its 50-day moving average of 2,076.63 for the first time since May 23.

" I think short-term it was just oversold but right now we' re flirting with the 50-day moving average, an easy point for it to bounce," said Adam Sarhan, CEO of Sarhan Capital.

Financials closed 1.45 percent lower as the greatest S & P 500 decliner. Credit card stocks traded sharply lower after a Tuesday 8K filing from Synchrony Financial forecast an increase in net charge-offs and higher reserve builds in the coming months. In a note, Deutsche Bank called the announcement a " huge negative surprise" and was concerned the rising rate of reserve coverage indicated poorer credit quality. Shares of Synchrony closed 13 percent lower, negative for the year so far.

The Dow Jones industrial average closed about 57 points lower after earlier falling 136 points.

U.S. crude oil futures settled down 39 cents, or 0.80 percent, at $ 48.49 a barrel.
We' re " following crude," said Jeremy Klein, chief market strategist at FBN Securities. " You' ve got the Fed tomorrow. Everyday you have seemingly a disappointing poll on Brexit. People are just not putting on a lot of risk right now . "
" Everyone' s waiting for tomorrow and almost more importantly, next Thursday," he said.

The UK is set to vote June 23 on whether to leave the European Union. The latest Brexit poll showed a gain in the " leave" camp, according to a Reuters report of a TNS online poll published Tuesday. Late Monday, The Sun newspaper endorsed Brexit.

The Federal Open Market Committee kicked off its two-day meeting Tuesday and Fed Chair Janet Yellen is scheduled to hold a press conference at the meeting' s conclusion Wednesday afternoon. The central bank is also set to release its statement and summary of economic projections.

All 41 respondents to CNBC' s Fed Survey expected Fed policymakers to keep rates unchanged at the meeting this week.

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