Wall Street slips ahead of Fed meeting. Apple shares rise on AI plans
NEW YORK — Stocks fell on Wall Street Tuesday ahead of several key inflation reports this week and the Federal Reserve’s latest interest rate policy decision.
Apple rose 6%, helping to offset losses elsewhere in the technology sector. The company is gaining ground after highlighting its push into artificial intelligence technology. Affirm Holdings climbed 7% on news that it the buy now, pay later company will be integrated into Apple Pay. Wall Street expects the government’s consumer price index to remain unchanged at 3.4% in May. Inflation as measured by the CPI is down sharply from its peak at 9.1% in 2022, but it has seemingly stalled around 3%. That has complicated the Fed’s goal of taming inflation back to its target rate of 2%.
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