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Stock market today: Asian shares slip after S&P 500 slips ahead of Fed interest rate decision

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Asian shares are mostly lower ahead of a Federal Reserve decision this week on interest rates.

File - Specialist Gregg Maloney is reflected in a video screen on the floor of the New York Stock Exchange, on Sept. 13, 2023. – Asian shares were mostly lower on Monday ahead of a Federal Reserve decision this week on interest rates.

A report showed that the Fed's preferred measure of inflation remained high last month, but within economists’ expectations.was stronger than expected, even though growth in their incomes fell short of forecasts. Over the weekend, more than 30 companies listed in China revealed intentions to conduct share buybacks and purchases after China announced a slew of measures aimed at stabilizing falling stock prices. The Hang Seng in Hong Kong fell 0.3% to 17,349.36 and the Shanghai Composite index rose 0.2% at 3,022.90.

The Dow Jones Industrial Average fell 1.1% and the Russell 2000 index of smaller company stocks slipped 1.2%, closing at its lowest level in about four years. Intel, which is outside the Magnificent Seven, was also helping to support the market. It rose 9.3% after reporting much stronger profit for the summer than analysts expected.and revenue a day after it reached a tentative contract agreement with the United Auto Workers union.

 

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