Stocks Opened Lower ahead of the Fed

U.S. stocks traded modestly lower on Wednesday as investors awaited an upcoming rate decision by the U.S.Federal Reserve. The Dow Jones Industrial Average lately slipped 19.76 points, or 0.10%, to 19,891.45. The S&P 500 was off 0.76 point, or 0.03%, to 2,270.96. The Nasdaq Composite was up 4.51 points, or 0.08%, to 5,468.33.

Americans increased their retail spending just slightly in November, a possible sign of lackluster holiday shopping. Retail sales rose only 0.1 percent in November, after a downwardly-revised 0.6 percent growth in October, the Commerce Department said Wednesday.

Inflation at the wholesale level in the U.S. rose sharply in November, continuing a gradual upward trend that could translate into higher prices for consumers in the near future. The producer-price index jumped 0.4% in November.

Elon Musk, the chairman and chief executive of SpaceX and Tesla as well as Uber Technologies CEO and co-founder Travis Kalanick and PepsiCo Chairman and CEO Indra Nooyi have joined U.S. President-elect Donald Trump’s advisory council, Trump’s transition team said on Wednesday.

Oil prices slumped Wednesday after data showed U.S. crude stockpiles grew last week. Light, sweet crude futures for delivery in January slid 78 cents, or 1.5%, to $52.20 a barrel. February Brent crude dropped 72 cents, or 1.3%, to $55 a barrel.