U.S. stocks fell for a second day and the dollar weakened against the yen before a two-day Federal Reserve meeting. European stocks were little changed while cotton led commodities higher.
The Standard & Poor’s 500 Index, which closed at a five- year high last week, lost 0.1 percent at 9:30 a.m. in New York. The dollar declined 0.2 percent versus the yen after touching a 2 1/2-year high yesterday. Ten-year Treasury yields were up one basis point at 1.97 percent after yesterday rising above 2 percent for the first time since April. Egyptian shares tumbled as political talks broke down. India’s rupee rose against the dollar as the central bank took steps to shore up the economy.
U.S. consumer confidence probably slipped for a third month in January, economists said before data from the Conference Board. Twenty-five companies in the S&P 500 are scheduled to report earnings today. Most European stocks and commodities gained earlier after reports from Germany to Australia signaled improved global sentiment.
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