Stocks Ended Lower ahead of Fed Meeting

U.S. stocks closed lower on Monday, as investors consolidated last week’s solid gains and turned slightly cautious ahead of the Federal Reserve policy meeting. The Dow Jones Industrial Average fell 42.17 points, or 0.23%, to 18,037.97. The S&P 500 was down 8.77 points, or 0.41%, to 2,108.92. The Nasdaq Composite shed 31.84 points, or 0.63%, to 5,060.25.

Tesla Motors Inc (NASDAQ:TSLA) promised to release a new product that isn’t a vehicle on April 30, and that product is expected to be a battery, but not just any battery. It’s expected that there will be a battery to power homes and another huge utility-scale battery announced.

Mylan NV (MYL.O) rejected Teva Pharmaceutical Industries Ltd’s (TEVA.TA) $40 billion takeover offer on Monday, saying in a scathing letter that it grossly undervalued the company and that Mylan has no interest in payment in what it termed “high-risk” Teva stock.

Walt Disney Co’s sports network, ESPN, has sued Verizon Communications Inc over an alleged breach in contract, a court filing showed on Monday. The breach in contract relates to Verizon’s new cable plan, which allows FiOS customers to choose a smaller bundle of channels every month, CNBC reported.