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The Dow Jones Industrial Average fell for a second straight day on Tuesday as the Federal Reserve kicked off a two-day monetary policy meeting.
The Dow Jones Industrials scaled back 68.46 points to 27,008.36
The S&P 500 fell 1.72 points to 2,996.24.
The NASDAQ Composite dipped 3.98 points to 8,148.98.
Adobe stock let go of seven cents to $282.86, on presenting third-quarter earnings. FedEx shares slid $1.78, or 1%, to $171.79, ahead of first-quarter earnings, set for after the closing bell.
Strong U.S. manufacturing data and a drop in oil prices helped keep the stock market’s losses in check.
The Fed meeting is scheduled to end Wednesday, when the central bank is expected to announce its latest decision on monetary policy.
Market expectations for a 25 basis-point rate cut were at 63.5%. However, the possibility of the Fed keeping rates unchanged has risen lately. Expectations for the central bank to maintain the overnight rate at its current levels are at 36.5%, up from 7.7% a week ago.
Prices for the benchmark 10-year U.S. Treasury gained ground, lowering yields to 1.82% from Monday’s 1.85%. Treasury prices and yields move in opposite directions
Oil prices stepped back $2.75 to $60.15 U.S. a barrel.
Gold prices lost two dollars to $1,509.50 U.S. an ounce.
