US stocks edge lower ahead of Fed decision | Money


A view of the trading floor during Crown Castle At The New York Stock Exchange For Their 25th Anniversary at New York Stock Exchange on October 29, 2019 in New York City. — AFP pic
A view of the trading floor during Crown Castle At The New York Stock Exchange For Their 25th Anniversary at New York Stock Exchange on October 29, 2019 in New York City. — AFP pic

NEW YORK, Oct 30 — Wall Street stocks edged lower early today following mixed economic data and as investors awaited a Federal Reserve decision on interest rates.

The Fed is widely expected to cut interest rates again but markets are keen to hear whether the central bank will signal additional rate cuts or a pause.

The decision comes as fresh data showed US economic growth cooled slightly in the third quarter, while private sector companies hired more people in October than analysts expected.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 27,059.29, down less than 0.1 per cent.

The broad-based S&P 500 also dipped 0.1 per cent to 3,034.91, along with the tech-rich Nasdaq Composite Index, which was at 8,270.25.

General Electric shot up about 10 per cent after reporting better-than-expected third-quarter profits and boosting some of its financial targets, even as it reported another large loss.

Mattel surged 16.4 per cent as strong sales of Barbie products helped the toymaker notch profits that topped expectations. The company also announced the exit of its chief financial officer after an accounting probe required the restatement of some results from 2017.

Boeing slid 0.9 per cent as Chief Executive Dennis Muilenburg was set for a second day of hearing on Capitol Hill. Shares rose 2.4 per cent yesterday despite heavy criticism by US senators of the company’s response to crashes of the 737 MAX that have grounded the aircraft.

Investors are also awaiting results after the market closes from Apple and Facebook. — AFP



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