By Liz Moyer
Investing.com -- U.S. stocks were trading lower as investors pause before next week’s interest rate decision by the Federal Reserve.
At 9:47 ET (14:47 GMT), the Dow Jones Industrial Average was down 74 points or 0.2%, while the S&P 500 was down 0.4% and the NASDAQ Composite was down 0.7%.
On Monday, stocks sold off on concerns the Fed will continue with its rate-hiking path for longer. It is widely expected to raise rates again next week, but perhaps by a smaller half-percentage point increment than at each of its four previous meetings.
The fear was fueled by better-than-expected data on the services industry, adding to a better-than-expected report on jobs last Friday. Stronger data could give the Fed reason to continue on its rate path for longer.
Also hanging in the balance: the results of a runoff election today in Georgia, a key battleground state. The vote could determine the balance in the Senate, where Democrats hold a razor-thin majority.
A win by incumbent Democrat Sen. Raphael Warnock could give the party 51 seats in the Senate, while a victory by Republican candidate and former football star Herschel Walker could give the GOP power to block initiatives.
GitLab Inc (NASDAQ:GTLB) shares are up 8.9% after it beat expectations on sales and reported a smaller-than-expected loss for the quarter. Signet Jewelers Ltd (NYSE:SIG) shares jumped 16% after it reported profit per share that was more than double expectations and met expectations with a 7.6% drop in same-store sales.
Oil was trading lower. Crude Oil WTI Futures was down 0.1% to $76.88 a barrel, while Brent Oil Futures crude is down 0.3% to $82.42 a barrel. Gold Futures was up 0.5% to $1789.