Stock market today: Asia markets mixed ahead of Fed decision; China economic data disappoint

Asian stocks are mixed as markets await a decision on interest rates by the Federal Reserve. China’s factory activity figures showed manufacturing contracting for a fourth straight month though they improved slightly. U.S. futures were mixed while oil prices fell back. The S&P 500 slipped 0.1% from its record Tuesday. The Dow rose 0.3%, and the Nasdaq composite fell 0.8%. UPS slumped after forecasting weaker revenue for 2024 than analysts expected. General Motors jumped after its profits beat forecasts. The Federal Reserve has begun its latest policy meeting on interest rates and will wrap up with a rates decision later Wednesday. Investors hopes the Fed will hint at a rate cut in March.