U.S. Market Review

U.S. stocks retreated some ground today, negatively impacted by FedEx’s warning on full-year profit.Also, market participants are expected the Fed’s report on interest rates.

The Federal Reserve invested $75 billion into U.S. money markets as policy makers’ benchmark rate broke outside their preferred band.

The Dow Jones Industrial Average dropped 35.41 points, or 0.13%, at the open to 27,075.39.

The S&P-500 slipped 4.20 points, or 0.14%, at 3,001.50. The Nasdaq Composite fell 11.39 points, or 0.14%, to 8,174.62 at the opening bell.

U.S. homebuilding rallied to more than a 12-year high last month as both single- and multi-family housing construction soared, implying in that lower mortgage rates were finally providing a boost to the struggling housing market.

According to data from the Commerce Department permits for future home construction surged to levels last seen in 2007.