Stock market today: US stocks slip from records as focus turns to Fed

US stocks drifted lower on Tuesday, retreating from record highs as investors waited for the start of a Federal Reserve meeting that should signpost the path of interest rates. The S&P 500 fell 0.3% while the tech-heavy Nasdaq Composite dropped roughly 0.2% on the heels of notching all-time closing highs. The Dow Jones Industrial Average dropped 0.4%. Stocks have managed to make headway amid market uncertainty about an economy that may be too hot or too cold for comfort.

The two-day Fed policy meeting that kicks off Tuesday is heavily expected to end with borrowing costs kept at their two-decade high. Investors will still watch out for hints on when a shift to cuts will come, with September or November in the frame. Read more: How does the labor market affect inflation? Investors calculating the rate-reduction odds are also looking ahead to May consumer price data due out on Wednesday, given its crucial role in the Fed's deliberations.

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