Stock Market News

US stocks back off record highs ahead of Fed meeting.

The DowJones Industrial Average rose 28.9 points, or 0.11%, to 27,221.35, the S&P 500 lost 4.89 points, or 0.16%, to 3,020.97 and the Nasdaq Composite dropped 36.88 points, or 0.44%, to 8,293.33.

US stocks on Monday stepped back from last week’s record highs as investors took a breather ahead of an expected interest rate cut by the FederalReserve and looked for signs of progress from U.S.-China trade negotiations underway in Shanghai.

Amazon.com Inc and Facebook Inc weighed heaviest on the S&P 500 and the Nasdaq, which both closed lower. The blue-chip Dow closed in the black, led by 3M Co , Johnson & Johnson and Apple Inc.

Market participants girded themselves for an eventful week, with the FOMC meeting, US-China trade talks and nearly a third of the companies in the S&P 500 due to post second-quarter results.

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