NEW YORK, Jan 30 — Wall Street stocks dipped early today following a deluge of mixed corporate earnings, while markets look ahead to a Federal Reserve monetary policy decision.

Shares of General Motors surged 7.5 per cent after the automaker topped analyst estimates and offered a confident outlook for 2024.

In contrast, logistics giant UPS sank 8.3 per cent as it announced it would cut 12,000 jobs following an eight per cent drop in quarterly revenues.

Over 20 minutes into trading, the Dow Jones Industrial Average was down less than 0.1 per cent at 38,318.87.

The broad-based S&P 500 was flat at 4,927.82, while the tech-rich Nasdaq Composite Index declined 0.1 per cent to 15,607.43.

Today’s results come ahead of earnings from Microsoft, Apple and other tech giants in the coming days.

Investors are also looking ahead to a two-day Fed meeting that culminates with an interest rate decision and press conference on Wednesday afternoon.

The US central bank is expected to keep interest rates unchanged but could give clues on when to expect rate cuts in the months ahead. — AFP