Investors Brace for Fed Decision, U.S. Stocks Close Lower

U.S. stocks closed lower as investors adopted a risk-off approach ahead of the Federal Reserve's two-day monetary policy meeting. The market is focused on any change in communication from the Fed, particularly regarding inflation. The Fed is expected to leave interest rates unchanged and release its Summary Economic Projections, providing insight into the trajectory of rates, inflation, and economic growth. The IPO market showed signs of life with Maplebear shares surging in their Nasdaq debut. Walt Disney fell after announcing a doubling of capital expenditure for its parks, while Starbucks shares were downgraded. Automakers General Motors and Ford Motor Co advanced as the United Auto Workers union threatened more strikes.