Stocks slipped lower Tuesday as market participants awaited the Federal Reserve's upcoming policy decision due out Wednesday afternoon. The Dow Jones Industrial Average fell more than 100 points, while the S&P 500 Index and Nasdaq Composite lost about 0.2% each.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Driving market moves, the Federal Open Market Committee (FOMC) kicked off its two-day meeting on Tuesday. Policymakers are not expected to raise interest rates -- traders are currently pricing in a 99% chance the Fed will hold rates in its September decision, according to CME Group's FedWatch tool -- and investors will react to economic forecasts from the central bank from its policy statement on Wednesday.
Also in the spotlight, grocery delivery stock Instacart
Impacting the Dow, Disney
Elsewhere, Pinterest
TD Cowen analyst Andrew Charles downgraded Starbucks'
"While we forecast consensus 2023-25E EPS is achievable, in our view the multiple isn't discounted enough vs the 5Y [average] that leads us to expect shares will be in a holding pattern," Charles wrote in a note on Tuesday. "We like the long-term story but move to the sidelines as we monitor China macro & competitive dynamics."
For Wednesday, traders will focus on the Federal Reserve's policy decision and Fed Chair Jerome Powell's post-meeting remarks slated for the afternoon.