With Fed rate decision looming, stocks drift lower

 

Weak China data weigh on markets as Fed rate decision looms

Associated Press
This Monday, Aug. 24, 2015, photo, shows the New York Stock Exchange. Asian stocks were mixed and Europe rose Monday, Sept. 14, 2015, after China reported weak factory output while investors looked ahead to this week’s U.S. Federal Reserve decision on interest rates. (AP Photo/Seth Wenig)
NEW YORK (AP) — The U.S. stock market is drifting lower ahead of a much-anticipated Federal Reserve meeting later this week.

More signs of slowing economic growth in China weighed on prices for copper and other commodities Monday. That sent prices for materials stocks lower. Energy stocks fell along with the price of crude oil.

The Dow Jones industrial average slipped 80 points, or 0.5 percent, to 16,352 as of 11:45 a.m. Eastern time.

The Standard & Poor’s 500 index gave up 10 points, or 0.6 percent, to 1,950.

The Nasdaq composite declined 27 points, or 0.6 percent, to 4,794.

Traders are looking ahead to a Federal Reserve meeting that begins Wednesday. The bank could raise interest rates for the first time since the financial crisis.