Stock market today: Stocks open mostly lower as hopes for a big rate cut fade

NEW YORK — U.S. stocks are mostly slipping as traders pare their expectations for how big a move the Federal Reserve will make when it begins cutting interest rates next week. The S&P 500 was down 0.1% in early trading Wednesday. The Dow Jones Industrial Average fell 227 points, and the Nasdaq composite edged up 0.3%. Yields rose in the bond market after the government gave an update on prices at the consumer level that was pretty much in line with expectations.

Reports coming this week on U.S. inflation could influence the size of the Fed’s expected rate cut. A worst case scenario for the Fed would be if inflation were to reaccelerate just as the job market is weakening, because attending to both of those problems would require conflicting moves. Investors were also watching for any market impact from Tuesday night's debate between the U.S. presidential candidates, Vice President Kamala Harris and former President Donald Trump.

There were few, if any, indications that the debate was impacting broader financial markets Wednesday. However, shares of Trump Media & Technology Group were down a hefty 12% in premarket trading. Elsewhere, in Europe at midday, France's CAC 40 added 0.3%, while Germany's DAX rose 0.5% and Britain's FTSE 100 inched up 0.2%.

Japan’s benchmark Nikkei 225 dropped 1.5% to finish at 35,619.77, while Australia’s S&P/ASX 200 lost 0.3% to 7,987.90.

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