03:45 PM EST, 12/17/2024 (MT Newswires) -- US benchmark equity indexes fell before Tuesday's close as the Federal Reserve kicked off its two-day monetary policy meeting and investors assessed the latest economic data.

The Dow Jones Industrial Average was down 0.8% at 43,389.7, while the S&P 500 fell 0.6% to 6,040.5. The Nasdaq Composite lost 0.5% to 20,067.5. Among sectors, industrials recorded the biggest drop. Only consumer discretionary posted a gain.

Markets widely expect that the central bank's Federal Open Market Committee will deliver a quarter-percentage-point reduction in its benchmark lending rate Wednesday, according to the CME FedWatch tool. That would mark a second consecutive 25-basis-point decrease following a 50-basis-point reduction in September.

The US 10- and two-year yields were little changed at 4.4% and 4.25%, respectively.

US retail sales rose at a faster-than-projected pace last month, driven by spending on autos, data from the Census Bureau showed.

US homebuilder confidence held steady in December as high prices and mortgage rates offset renewed optimism about an improved regulatory environment next year, according to National Association of Home Builders and Wells Fargo data.

West Texas Intermediate crude oil fell 0.6% to $70.26 a barrel.