NEW YORK: Wall Street stocks dipped in early trading Tuesday as markets digested mixed earnings and looked ahead to a Federal Reserve decision.
The latest round of earnings “wasn’t really moving the market,” said Briefing.com analyst Patrick O’Hare, who detected hesitation “on the part of buyers recognizing that the coming days will be chock full of market-moving items.”
About five minutes into trading, the Dow Jones Industrial Average was down 0.5 percent at 38,209.40.
The broad-based S&P 500 shed 0.2 percent to 5,103.73, while the tech-rich Nasdaq Composite Index declined 0.3 percent to 15,931.66.
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The Federal Reserve is due to kick off a two-day monetary policy meeting, while Amazon and Starbucks are scheduled to report earnings after the market closes.
There will also be key reports in the coming days on the US labor market and consumer confidence.
Among individual companies, McDonald’s fell 1.9 percent after reporting slightly lower than expected profits. The chain pointed to a continued drag from boycotts stemming from conflict in the Middle East.
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