Stock market today: Wall Street slips ahead of Fed meeting
Wall Street is losing ground ahead of several key inflation reports this week and the Federal Reserve’s latest interest rate policy decision
NEW YORK — Stocks fell on Wall Street Tuesday ahead of several key inflation reports this week and the Federal Reserve’s latest interest rate policy decision.
The S&P 500 shed 0.2%. Roughly 80% of stocks in the benchmark index fell. The Dow Jones Industrial Average fell 195 points, or 0.5% and the Nasdaq rose 0.1% as of 11:11 a.m. Eastern. The weaker trading follows another record-setting day for both the S&P 500 and the Nasdaq.
There was little corporate or economic news for investors to review. General Motors rose 2.1% after the automaker announced that its board approved a $6 billion stock buyback.
Banks were among the biggest weights on the market. Fifth Third Bancorp fell 2% after cutting its forecast for revenue growth.
Apple rose 5.4%, helping to offset losses elsewhere in the technology sector. The company is gaining ground after highlighting its push into artificial intelligence technology.
Treasury yields fell in the bond market. The yield on the 10-year Treasury slipped to 4.45% from 4.47% late Monday.
The key focus this week comes on Wednesday, when the U.S. releases its latest update on inflation at the consumer level and the Federal Reserve announces its latest update on interest rates. The U.S. will also release its latest update on prices at the wholesale level on Thursday.
Wall Street expects the government's consumer price index to remain unchanged at 3.4% in May. Inflation as measured by the CPI is down sharply from its peak at 9.1% in 2022, but it has seemingly stalled around 3%. That has complicated the Fed's goal of taming inflation back to its target rate of
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