As the Brexit vote nears, stocks once again lost ground with financials among the losing sectors. Bobbi Rebell reports.
U.S. stocks losing ground for the fourth day in a row. Top decliners included financial stocks as the Fed began its two-day policy meeting. Traders not expecting any change in interest rates, but they will closely scrutinize anything Fed Chair Janet Yellen says at Wednesday's press conference: FBB Capital Partners Mike Bailey: (SOUNDBITE) MIKE BAILEY, DIRECTOR OF RESEARCH, FBB CAPITAL PARTNERS, (ENGLISH) SAYING: "We think you are unlikely to see a rate hike probably until after the election, basically, I think, the Fed is going to say ok, if not this summer as you get closer to the fall. It just gets a little bit dicey in terms of the election coming up. " One data point for the Fed to consider: U.S. retail sales rose more than expected in May - up a half a percent. It was the second straight month of gains. Alibaba says its transaction volume will nearly double by 2020. Shares of the Chinese e-commerce company rose. Turning to Europe, the major stock indexes were lower as the yield on the 10-year German bond turned negative for the first time. Worries about a potential British exit from the European Union sent investors into safe-haven assets.