Stocks open slightly lower ahead of Fed decision

U.S. stocks edged slightly lower at the opening bell Wednesday, as investors awaited the conclusion of a Federal Reserve policy meeting that's expected to deliver another quarter-point rate cut. The Dow Jones Industrial Average DJIA, -0.26% was down 88 points, or 0.3%, to 27,023, while the S&P 500 SPX, -0.31% lost 9 points, or 0.3%, to trade at 2,997.

The Nasdaq Composite COMP, -0.30% declined 19 points, or 0.2%, to 8,167. While the Fed is expected to cut rates when it concludes its meeting, investors will be watching for signs the Fed is ready to deliver further easing in coming months. Shares of FedEx Corp. FDX, -12.76% dropped 12% following a disappointing fiscal first-quarter earnings report and full-year outlook.

Art Laffer on FBN earlier in the month had said the Fed Rate to the 5 yr was out of whack and .50 basis points is more appropriate.

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