Wall Street lost ground in early trading Tuesday, as investors awaited the Federal Reserve's decision on interest rates and after UPS Inc. lowered its profit guidance.
UPS, the world's largest shipping carrier, lowered its second-quarter profit expectations due to high fuel costs and slowing economy. UPS shares fell four percent in early trading Tuesday.
Moreover, S&P/Case-Shiller released that its home price index for April declined at fastest pace since 2000.
Meanwhile, investors also focused on the Federal Reserve's two-day meeting, which will announce Wednesday afternoon their decision to change or hold the key federal funds rate steady at 2 percent. Most investors expected the Fed to keep interest rates on hold.
The Dow Jones fell 33.95 to 11,808.41. Broader indexes also moved lower. The Standard & Poor's 500 index dipped 3.36 to 1,314.64; and the Nasdaq fell 5.51 to 2,380.23.
Source: Xinhua
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