U.S. Stocks Slip Before Fed Meeting; Retail Sales Miss Estimates

U.S. stocks lost steam Wednesday, as the markets awaited the Federal Reserve's closely watched rate hike decision. The Fed is expected to announce a rate increase in its statement, which is released at 2 p.m. Eastern. The central bank will also release rate hike projections for 2017. Chair Janet Yellen is holding a press conference at 2 p.m. Eastern. Retail sales for November rose 0.1%, missing estimates of 0.4% and less than the 0.6% increase in October, which was revised lower. The softer numbers were driven by lower auto sales. Express Scripts (ESRX) shares rose after saying it expects 2016 profit between $6.36 and $6.42 a share, matching estimates of $6.39. 2017 profit targets were also in line with forecasts.