Stocks Opened Mixed ahead of Fed Meeting

U.S. stocks opened mixed on Tuesday, as investors awaited the Federal Reserve’s latest monetary policy decision. The Dow Jones Industrial Average lately fell 81.98 points, or 0.30%, to 27,190.32. The S&P 500 climbed 1.98 points, or 0.06%, to 3,209.16. The Nasdaq Composite jumped 67.63 points, or 0.68%, to 10,021.38.

Crude oil futures slipped lower early Wednesday as data showed a big increase in weekly U.S. crude supplies. West Texas Intermediate crude for July delivery was off $1.06, or 2.8%, at $37.86 a barrel. Brent oil for August delivery gave up 94 cents, or 2.3%, to reach $40.24 a barrel.

U.S. consumer prices fell for a third straight month in May and underlying inflation was weak as demand remained subdued amid a recession caused by the COVID-19 pandemic. The Labor Department said on Wednesday its consumer price index dipped 0.1% last month after plunging 0.8% in April.

Starbucks Corp on Wednesday forecast its third-quarter operating income to plunge by about $2.2 billion, hit by coronavirus-induced store closures. The world’s largest coffee chain projected a third-quarter adjusted loss of 55 cents to 70 cents per share and said it expects U.S. same-store sales to drop by up to 45%.

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