Stocks Drifted in Early Trading ahead of Fed Decision and Fiscal Stimulus

U.S. stocks opened slightly higher and drifted on Wednesday as traders awaited the Federal Open Market Committee’s December monetary policy decision and considered lawmakers’ final efforts to get a stimulus package through. The Dow Jones Industrial Average lately fell 8.57 points, or 0.03%, to 30,190.74. The S&P 500 was off 1.37 points, or 0.04%, to 3,693.25. The Nasdaq Composite was down 7.24 points, or 0.06%, to 12,587.82.

Oil futures traded near unchanged Wednesday, underpinned by hopes for progress toward another U.S. economic relief package and the ongoing rollout of a COVID-19 vaccine, while upside was capped by data showing a rise in U.S. crude inventories. West Texas Intermediate crude for January delivery fell 3 cents, or 0.1%, to $47.59 a barrel. February Brent crude was off 5 cents, or 0.1%, at $50.71 a barrel.

Retail sales drop more than expected in November as renewed virus restrictions hit consumer spending. Retail sales dropped 1.1% in November over the previous month, the Commerce Department said Wednesday.