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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