US stocks edged lower on Tuesday (September 16th) as investors took profits ahead of the Federal Reserve's highly anticipated September policy meeting. The S&P 500 fell 0.1%, the Dow Jones Industrial Average fell 125 points, and the Nasdaq Composite closed slightly below the flatline.
Leading technology stocks including Nvidia, Microsoft, Alphabet, and Palantir declined, while financial and utility stocks also weighed on the overall market. Traders widely expect the Fed to cut interest rates by 25 basis points on Wednesday, marking its first rate cut since December, with the market scrutinizing Chairman Powell's comments for clues about its next move.
Meanwhile, upbeat August retail sales data showed resilient consumer spending despite stagnant inflation and a weakening labor market. Investors are also monitoring US-China developments, with progress on trade and a new TikTok framework lifting sentiment and boosting Oracle shares. (alg)
Source: Trading Economics
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