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Wall Street moves sideways as investors look to Fed. Stocks drift lower, US yields rise but growth outlook dims. ASX to fall, Wall Street edges higher, Arm downgraded. UAW strike against automakers enters third day, no resolution seen. Fed unlikely to raise rates in November, says Goldman Sachs.

Market down 33 midday as we stay on hold for what is one of the most predictable Fed Meetings in months.

ASX 200 traded lower all day, closing down 34 to 7197 (-0.5%). Falling for a second consecutive day and lacking any direction following US markets. Gold stocks rallied on higher bullion prices ahead of the FOMC meeting. EVN up 1.4%, NST up 0.4% and NCM gained 1.4% after FIRB cleared Newmont’s proposed acquisition. Mining giants suffer as iron ore prices weaken. RIO down 0.7%, FMG off 1.1% and BHP down 1.4% after it warned of a potential 30% dividend cut if new Australian government industrial relations reforms proceed. Oil prices firmed, fuelling speculation of $US100 crude return. STO up 6.4% STX up 6.4%, and BPT up 0.3%. Coal doing well, YAL up 2.6% and WHC gained 1.2%. Tech sold off, led by SQ2 down 4.5% on CEO exit, CPU down 2.0% and ALU down 0.6%. All-Tech

SPI Futures down 41 but the Resources held up in the US – the sell off on Wall St was very much a Tech thing.

The ASX 200 began the week on a negative note, trading lower all day, down 49 points to 7230 (-0.7%), giving up some of Friday’s gains. SPI Futures were down 41 this morning. ASX Index changes came into effect today. All sectors finished in the red. Tech stocks weighed heaviest on the index tracking the NASDAQ overnight and were further pressured by higher bond yields, XRO down 4.1%, WTC off 2.5% and SQ2 down 1.7%. All-Tech Index down 2.0%. Iron ore giants showed resilience, BHP and RIO finishing up. The strength strecthed beyond iron ore today to S32 up 0.9% and new trade AWC up 1.5%. Gold prices held steady near six-mo