Stock market today: Live updates

Stocks slipped Tuesday as investors awaited the Federal Reserve’s policy decision and watched for signs of progress in global trade deals.

The Dow Jones Industrial Average lost 143 points, or 0.4%. The S&P 500 shed 0.4%, and the Nasdaq Composite dipped 0.6%.

Tech giants Nvidia and Meta Platforms lost more than 1%. Shares of Tesla shed more than 2% after the company’s new car sales in Britain and Germany fell to their lowest in more than two years in April, even though demand for electric vehicles grew. Goldman Sachs shares also declined to pull the Dow lower.

Trump is scheduled for meetings with Canadian Prime Minister Mark Carney on Tuesday, marking the start of negotiations between the two leaders since since Carney assumed office earlier this year.

The meeting comes after Treasury Secretary Scott Bessent told CNBC on Monday that “we’re very close to some deals,” echoing comments from Trump on Sunday that agreements could come as early as this week.

Bessent reiterated this sentiment in testimony to the House appropriations committee on Tuesday, noting: “Approximately 97 or 98% of our trade deficit is with 15 countries. 18% of the countries are our major trading partners. And I would be surprised that if we don’t have more than 80 or 90% of those wrapped up by the end of the year, and that may be much sooner that.”

Nonetheless, official trade deals between the U.S. and its trading partners have yet been announced. And while data issued on Monday from the Institute for Supply Management showed stronger-than-anticipated service sector activity in April, concerns around tariffs persisted.

“We’ll probably go down to new lows, even when Trump dials back China to 50%,” billionaire hedge-fund manager Paul Tudor Jones told CNBC on Tuesday.” “He’ll dial it back to 50% or 40%, whatever. Even when he does that … it’d be the largest tax increases since the 60s. So you can kind of take 2%, 3% off growth.”

The Fed began Tuesday its two-day policy meeting, with a decision scheduled for Wednesday. The central bank is expected to widely expected to keep rates steady on Wednesday, with Fed Funds futures trading suggests just a 2.7% chance of the central bank cutting rates.

Still, traders will be listening for Fed Chair Jerome Powell’s comments on his economic outlook.