© Reuters.

By Liz Moyer

Investing.com — U.S. stocks wobbled after Monday’s open as investors tried to put April’s slump behind them and focus on this week’s Federal Reserve policy meeting.

At 9:50 AM ET, the was flat, while the was also flat and the inched up 0.2%.

The shaky start to May comes after the Dow lost nearly 5% in April. Tech stocks were even weaker, dragging the Nasdaq down 13% for the month.

Though the Fed meeting doesn’t start until tomorrow — and the interest rate decision won’t come out until Wednesday — investors are already maneuvering for what comes next. Three challenges are weighing on equities: China’s struggle to contain outbreaks of Covid-19 that have led to lockdowns and stoked fears of economic slowdown, the aggressive stance of Fed policymakers in combating inflation, and Russia’s ongoing war on Ukraine.

It was a holiday on Monday in several locations, with markets closed in Hong Kong, China, Russia and the U.K.

Apple Inc (NASDAQ:) shares dipped 0.1% after European regulators accused it of misusing its dominant position in the mobile payments business. Spirit Airlines Inc (NYSE:) shares tumbled 8% after it said it wouldn’t accept a takeover bid from JetBlue Airways Corp (NASDAQ:) and would pursue the previous takeover proposal by Frontier Group Holdings Inc (NASDAQ:). Shares of JetBlue were flat and Frontier fell 5%.

Oil also fell. The price of slid 3.7%, to $100.80 a barrel, while crude’s price fell 3.4%, to $103.47 a barrel. fell 2.9%, to $1856 an ounce.

 

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