NASDAQ AND S&P 500 FALL AS INVESTORS TAKE COVER BEFORE FED DECISION

On Wednesday, both the tech-heavy Nasdaq and the benchmark S&P 500 experienced declines, with chip stocks leading the losses following downbeat results. Investors also assessed fresh economic data ahead of the Federal Reserve's interest rate decision. The ADP National Employment revealed that U.S. private payrolls increased more than anticipated in April. However, a separate reading indicated that U.S. manufacturing contracted. Additionally, a gauge of prices paid by factories for inputs approached a two-year high.

As the Federal Reserve concluded its two-day meeting, it was widely expected to maintain interest rates, particularly after recent disappointing inflation readings dashed hopes of swift rate cuts this year. The market awaited insights from the central bank regarding its monetary policy stance and its assessment of the economic outlook.

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