NEW YORK: Wall Street stocks pulled back early Tuesday ahead of a Federal Reserve decision on interest rates, as markets digested stronger than expected US retail sales.
US retail sales rose 0.7 percent in November from a month earlier, up from a revised 0.5 percent in October and above analysts forecasts.
The data came ahead of a two-day Federal Reserve meeting at which the central bank is expected to lower interest rates. However, analysts are less sure the central bank will continue rate cuts in 2025 in light of incoming President-elect Donald Trump’s economic agenda.
Wall Street pressured by rising bond yields
About 15 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 43,462.38.
The broad-based S&P 500 declined 0.4 percent to 6,051.33, while the tech-rich Nasdaq Composite Index shed 0.3 percent to 20,114.63.
Among individual companies, Pfizer jumped 3.8 percent as it projected slightly higher profits in 2025 compared with this year.
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