Stock market today: Wall Street drifts again ahead of Fed decision on rates

NEW YORK — Stocks are drifting again as Wall Street waits for the Federal Reserve’s latest decision on interest rates. The S&P 500 was off 0.2% early Tuesday. The Dow slipped 37 points and the Nasdaq composite was down 0.4%. Stocks have been see-sawing for weeks on uncertainty about whether the Fed is done with its market-shaking hikes to interest rates.

Stocks have been see-sawing since early August on uncertainty about whether the Fed will finally end its hikes to interest rates. Higher rates have helped cool inflation from its peak last summer, but they also hurt prices for stocks and other investments while slowing the economy. But just as much attention will be on what Fed officials say about next year, when investors expect the Fed to begin cutting interest rates. Investors crave such cuts, which typically loosen up financial conditions and give boosts to financial markets. The big question is by how much the Fed could cut.

There has been no surge in demand for gasoline but early this month, Saudi Arabia and Russia agreed to extend a voluntary oil production cut through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. The pricing of the IPO gave Instacart a market value of around $10 billion, significantly lower than the $39 billion value placed on it in 2021.

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