Oct 31 - Wall Street's main stock indexes dipped in choppy trading on Tuesday in the run-up to the Federal Reserve's monetary policy meeting, while investors assessed the latest batch of earnings reports and parsed through more economic data.
"The slightly stronger increase in the employment cost index in the third quarter is another sign that the earlier rapid easing in labour market conditions may be fading," said Andrew Hunter, deputy chief U.S. economist at Capital Economics. The Fed kicks off a two-day monetary policy meeting on Tuesday. At the end of the meet the central bank is widely expected to hold interest rates steady, according to the CME Group's FedWatch tool.
At 9:46 a.m. ET, the Dow Jones Industrial Average was down 92.67 points, or 0.28%, at 32,836.29, the S&P 500 was down 5.35 points, or 0.13%, at 4,161.47, and the Nasdaq Composite was down 57.94 points, or 0.45%, at 12,731.54. VF Corp dropped 6.7% after the Vans sneaker maker withdrew its annual forecast, while cloud solutions provider Arista Networks gained 8.5% on an upbeat fourth-quarter revenue outlook.
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