Investors worry about Fed independence as stocks rise in China and Japan

(Credit: Audrey Richardson—Chicago Tribune/Tribune News Service via Getty Images)

• The S&P 500 closed down 0.64% on Monday and S&P futures were down 0.69% pre-opening in New York. A monthly survey of China's services sector fell to its lowest level ever, excluding the COVID pandemic, suggesting President Donald Trump's trade war is hitting the world's second-biggest economy, but shares on the SSE Composite rose 1.1%. Investors seem to be waiting nervously before the Fed's Wednesday rate decision—and Trump's reaction.

Markets in Asia and Europe largely rose this morning while S&P futures dropped about 0.7%, setting the broad U.S. index up for a second day of losses after a nine-day winning streak as investors nervously await the Fed's Wednesday interest rate decision—and President Donald Trump's reaction.