Markets Right Now: Stocks fall as market waits on Fed
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are opening with modest losses on Wall Street Wednesday ahead of the Federal Reserve’s latest decision on interest rates.
Investors are expecting a small cut to rates and will be watching for any clues about what the Fed does next.
Bank stocks are falling after the yield on the 10-year Treasury dropped to 1.77% from 1.81%. Bank of America fell 0.7%.
FedEx dropped 12.7% after the shipping company lowered its profit forecast for the rest of its fiscal year.
The Dow Jones Industrial Average fell 57 points, or 0.2%, to 27,053.
The S&P 500 is down 8 points, or 0.3%, to 2,997. The Nasdaq dropped 22 points, or 0.3%, to 8,163.
Oil is falling for a second straight day. U.S. oil is down 1.7% to $58.31 a barrel.