US stocks dip in early trading ahead of Fed decision
NEW YORK, March 20, 2019 (BSS/AFP) – Wall Street stocks retreated early
Wednesday following mixed earnings as investors awaited a Federal Reserve
About 15 minutes into trading, the Dow Jones Industrial Average stood at
25,768.86, down 0.5 percent.
The broad-based S&P 500 dipped 0.3 percent to 2,824.69, while the tech-rich
Nasdaq Composite Index shed 0.1 percent to 7,713.88.
The Fed is widely expected to keep interest rates unchanged, but many
analysts think the central bank could signal fewer rate hikes later in 2019.
The Fed had previously guided to expect two interest rate hikes this year.
Later today, it could project one or even no rate hikes in 2019. Federal
Reserve Chairman Jerome Powell will hold a press conference following the
decision set for 1800 GMT.
FedEx shares slid 6.2 percent after projecting weaker-than-expected annual
earnings as it cited global economic weakness and increased spending on new
automation and innovation upgrades.
General Mills rose 3.7 percent after third-quarter profits topped analyst
expectations as it pointed to strong growth trends in its Haagen-Dazs ice
cream, Old El Paso Mexican food and organic brands.