Stock market today: Wall Street drifts lower ahead of a decision on rates from the Federal Reserve

NEW YORK — Stocks are easing lower in early trading on Wall Street as markets wait for the Federal Reserve’s latest announcement on interest rate policy and guidance on when and by how much the U.S. central bank might cut rates later this year. The S&P 500 was off 0.1% in early trading Wednesday. The Dow Jones Industrial Average was down 41 points, or 0.1%. The Nasdaq composite was little changed. Treasury yields held relatively steady in the bond market.

Part of the run for U.S. stocks to records has been because of hopes for such cuts, which would relieve pressure on the economy and financial system. But recent reports on inflation have consistently been coming in worse than expected. That could force the Fed to say it will deliver fewer rate cuts this year, and traders have already given up earlier expectations that the year’s first cut would arrive Wednesday.

Chipotle jumped 5.5% after the burrito chain announced that its board had approved a 50-for-1 stock split, the first in its history. California-based Chipotle's shares, which were trading at all-time highs above $2,797 each early Wednesday, would go for around $56 after the split, which is scheduled for June pending shareholder approval. The company said it believed the split would make its stock more accessible to employees and a broader range of investors.

The U.S. dollar rose against the Japanese yen after the BOJ's comments on its decision suggested that a wide gap between interest rates in the United States and in Japan will persist for the foreseeable future. The dollar rose to 151.69 yen from 150.87 yen, trading at its highest level in four months.

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Stock market today: US stocks mixed as Wall Street watches and waitsStocks have lost momentum as investors regroup after the tumultuous run-up last week and as focus sharpens on the health of the US economy.
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Stock market today: Wall Street pulls back from its record after a shaky dayNEW YORK (AP) — Wall Street pulled back from its record heights following a shaky day of trading, putting at least a temporary halt to its huge rally since Halloween. The S&P 500 slipped 0.7% Friday from its all-time high.
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Stock market today: Wall Street drifts near its records amid a worldwide market lullNEW YORK (AP) — Stocks are drifting around their records on Wall Street, as a lull carries through financial markets worldwide. The S&P 500 was little changed in early trading Wednesday, a day after setting an all-time high.
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Stock market today: Wall Street drifts to a mixed close, holding near record levelsNEW YORK (AP) — Stocks drifted to a mixed close on Wall Street as a lull carried through financial markets worldwide. The S&P 500 edged down 0.2% Wednesday, a day after setting an all-time high. The Dow Jones Industrial Average rose 0.
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Stock market today: Stocks retreat as Wall Street weighs hot inflation's impact on FedInvestors are weighing whether two big hot inflation prints will prompt a Fed rethink on rate cuts as its March policy meeting looms.
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Stock market today: Wall Street slips further away from records amid inflation worriesBEIJING — Stocks fell on Wall Street Friday and are on track for a mixed finish in a week that was heavy with reports showing that inflation, though broadly cooling, remains stubborn. The S&P 500 fell 0.
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