Stocks began the day lower on Tuesday as investors awaited the start of the Federal Reserve’s two-day policy meeting. The S&P 500 and Nasdaq Composite both dipped slightly after reaching record highs, while the Dow Jones Industrial Average was down 0.4%.
Despite economic uncertainty and reduced expectations for rate cuts, the major indexes have managed to trend higher. Most investors are now anticipating only one rate cut from the Federal Reserve before the end of the year.
The Federal Open Market Committee (FOMC) is expected to announce its policy decision on Wednesday afternoon, following the conclusion of their meeting. Additionally, monthly inflation data will be released before the market opens on Wednesday.
Apple shares rose 2% in early trading, rebounding from losses in the previous session caused by the company’s unveiling of AI features at its World Wide Developers Conference.
Cryptocurrency-related stocks opened lower on Tuesday as bitcoin dropped to a one-week low, trading just above $69,000 per token. Companies like Coinbase, Marathon Digital, and MicroStrategy were all down more than 3% in early trading.