U.S. stocks fell slightly on Tuesday ahead of the Federal Reserve’s latest monetary policy meeting.
The Dow Jones Industrials gave back recent gains, losing 142.05 points to 34,251.70.
The S&P 500 fell 8.93 points to 4,246.22
The NASDAQ dropped 50.18 points to 14,123.96.
There were very few standout performers on Tuesday. Some reopening plays, such as Boeing, airlines and cruise lines, traded higher.
On the data front, the final demand index for producer prices advanced 6.6% for the 12 months ended in May, the largest increase since 12-month data were first calculated in November 2010.
On a monthly basis, the producer price index for final demand rose 0.8%, ahead of the Dow Jones estimate of 0.6%. Producer prices measure the prices paid to producers as opposed to prices on the consumer level.
Meanwhile, May’s retail sales data fell 1.3%, compared to an expectation of a 0.7% decline per economists polled by Dow Jones.
The Fed’s two-day policy meeting starts on Tuesday, and it’s a focal point for the markets this week. The central bank is not expected to take any action. However, commentary on interest rates, inflation and the economy could drive market moves.
Prices for 10-Year Treasurys skidded, raising yields to 1.51% from Monday’s 1.499%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.07 to $71.95 U.S. a barrel.
Gold prices lost 60 cents to $1,865.30 U.S. an ounce.