Floor governor Michael Smyth works at the New York Stock Exchange, Wednesday, Sept. 18, 2019. The Federal Reserve is expected to announce its benchmark interest rate later in the day. (AP Photo/Mark Lennihan)

Markets Right Now: Stocks fall as market waits on Fed

September 18, 2019 - 11:52 am

NEW YORK (AP) — The latest on developments in financial markets (all times local):

11:50 a.m.

Stocks are lower at midday on Wall Street Wednesday ahead of the Federal Reserve's latest decision on interest rates.

Investors are expecting a small cut to rates and will be watching for any clues about what the Fed does next.

Bank stocks are falling after the yield on the 10-year Treasury dropped to 1.75% from 1.81%. Bank of America fell 1%.

FedEx dropped 13.8% after the shipping company lowered its profit forecast for the rest of its fiscal year.

The Dow Jones Industrial Average fell 79 points, or 0.3%, to 27,031.

The S&P 500 is down 9 points, or 0.3%, to 2,996. The Nasdaq dropped 29 points, or 0.4%, to 8,156.

Oil is falling for a second straight day. U.S. oil is down 1.6% to $58.39 a barrel

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9:45 a.m.

Stocks are opening with modest losses on Wall Street Wednesday ahead of the Federal Reserve's latest decision on interest rates.

Investors are expecting a small cut to rates and will be watching for any clues about what the Fed does next.

Bank stocks are falling after the yield on the 10-year Treasury dropped to 1.77% from 1.81%. Bank of America fell 0.7%.

FedEx dropped 12.7% after the shipping company lowered its profit forecast for the rest of its fiscal year.

The Dow Jones Industrial Average fell 57 points, or 0.2%, to 27,053.

The S&P 500 is down 8 points, or 0.3%, to 2,997. The Nasdaq dropped 22 points, or 0.3%, to 8,163.

Oil is falling for a second straight day. U.S. oil is down 1.7% to $58.31 a barrel.

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