Stock market today: Wall Street drifts in mixed trading ahead of Fed meeting this week

NEW YORK — U.S. stocks are drifting in mixed trading, offering a break from their whipsaw moves in recent weeks. The S&P 500 slipped 0.1% early Monday. The Dow Jones Industrial Average was up 255 points, or 0.6%, and the Nasdaq composite was off 0.8%. Alcoa rose after saying it would sell its stake in a Saudia Arabian joint venture to Saudi Arabian Mining Co. Drops for Big Tech stocks dragged on indexes, though. Treasury yields edged lower in the bond market.

The Fed has been keeping its main interest rate at a two-decade high to slow the economy enough to stifle high inflation. With inflation having eased substantially from its peak two summers ago, the Fed has said it can focus more on bolstering the slowing job market and economy. Shares of Boeing were somewhat stable after Friday's decline, which was triggered by aircraft assembly workers who walked off the job. The ratings agency Fitch said a prolonged strike could lead to a ratings downgrade for the troubled aircraft manufacturer.

“The drums of a deepening economic slowdown are beating louder, and it’s time for China’s leadership to decide whether to step up or risk sliding further into stagnation,” Stephen Innes of SPI Asset Management said in a commentary.Markets in Japan, mainland China and South Korea were closed for holidays.

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