NEW YORK — Wall Street is opening lower ahead of several key inflation reports this week and the Federal Reserve’s latest interest rate policy decision. The S&P 500 shed 0.4% early Tuesday. The Dow Jones Industrial Average fell 245 points, and the Nasdaq slipped 0.1%. Fifth Third Bancorp fell 1.8% after giving a weaker-than-expected forecast. The Fed announces its latest decision on interest rates on Wednesday. The central bank is widely expected to leave rates where they are.
General Motors got a small lift early after automaker announced that its board approved a $6 billion stock buyback. Its shares rose another 1% and are up more than 32% this year. When Fed officials released its last projections in March, they indicated the typical member foresaw roughly three cuts to interest rates in 2024. That projection will almost certainly fall this time around. Traders on Wall Street are largely betting on just one or two cuts to rates in 2024, according to data from CME Group.
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