Wall Street opens flat to lower as investors eye Fed

9.40am: Proactive North America headlines: American Resources Corporation (NASDAQ:AREC) grows supply chain for waste permanent magnets and lithium-ion batteries to be recycled for rare earth minerals Co-Diagnostics Inc (NASDAQ:CODX) says it will be presenting virtually at two conferences virtually this week Biocept Inc (NASDAQ:BIOC) (FRA:B003) says it has received 240,000 coronavirus tests since June 2020; readies flu testing for the fall Talon Metals Corp (TSE:TLO) (OTCMKTS:TLOFF) (FRA:TAO) says it has extended nickel-copper mineralization to the north of current Tamarack resource area INDVR Brands Inc (CSE:IDVR) (OTCMKTS:CAAOF) (FRA:3YX) appoints Hugh Hempel as its new president after closing its acquisitions of Strainz and Bronnor Silvercorp Metals Inc (TSE:SVM) (NYSEAMERICAN:SVM) intersects high-grade gold and silver at HPG mine in China Victory Resources Corporation (CSE:VR) (OTCMKTS:VRCFF) (FRA:VR62) launches expanded geological sampling program on Smokey Lithium property in Nevada Aurania Resources Ltd (CVE:ARU) (OTCQB:AUIAF) (FRA:20Q)eports drilling intersected sediment-hosted copper mineralization at Tsenken N1 in Lost Cities-Cutucu Project Tocvan Ventures Corp (CSE:TOC) (FRA:TV3) reports promising Phase II drill program results from Main Zone at Pilar gold-silver project in Mexico Helix BioPharma Corp (TSE:HBP) (OTCMKTS:HBPCF) (FRA:HBP) spends C$1.9M on R&D in its fiscal third quarter LeanLife Health Inc (CSE:LLP) (OTCQB:LNLHF) (FRA:LL1) tags in a financial advisor as it progresses in the North American beverage market Plurilock Security Inc (CVE:PLUR) (OTCQB:PLCKF)  secures new order as state agencies protect from cyber attacks New Pacific Metals Corp (TSX:NUAG) (NYSEAMERICAN:NEWP) gets the green light to start drilling at Carangas 9.39am: Wall Street opens lower The main indices on Wall Street have opened flat or lower on Tuesday morning as investors kept a close eye on the latest meeting of the Federal Reserve. Shortly after the opening bell, the Dow Jones Industrial Average was up slightly, 0.03%, at 34,405, while the S&P 500 had dipped 0.06% to 4,252 and the Nasdaq fell 0.31% to 14,130. Sentiment in New York is unlikely to have been helped by the latest US retail sales data, which came in lower than expected by reporting a 1.3% decline in May compared to expectations of a 0.7% fall. Sales of vehicles and electronic goods, which had been in demand during lockdown as people avoided public transport and bought equipment for home working, declined in May. (The car figures are also likely to have been affected by fewer vehicles being made as a global semiconductor shortage hinders production). But spending on clothing and dining outgrew as the US vaccination programme became more widespread. 7:35am: Wall Street set for mostly flat start Wall Street is set for a flat open on Tuesday morning as the Federal Reserve begins its two-day meeting to discuss the latest economic situation. And most crucially, whether the central bank needs to act amid signs of inflationary pressures. Sophie Griffiths, market analyst at Oanda, said: "There is only one show in town this week, and that's the Fed. Investors want to know if the Fed has started to talk about reining in its ultra-loose policy or not. The markets want to know whether the sugar rush that has boosted stocks to all-time highs is coming to an end. "The Fed is unlikely to hurry into a decision now. However, with bond yields at three-month lows and equities at record highs, the Fed has the market where it wants it. As such, there's a good runway for very gradually introducing the debate surrounding tapering asset purchases. Even if it doesn't happen tomorrow, it could well happen at the Jackson Hole economic forum later in the summer." Ahead of all that, the Dow Jones Industrial Average is expected to open virtually unchanged (down a minuscule 0.02%) while the S&P 500 is forecast to edge up 0.07% and the tech-heavy Nasdaq Composite is indicated to add 0.12%. As the Fed meets, investors will also be able to see the latest US retail sales and producer price figures. Retail sales have been on a rollercoaster ride in recent months, with a fall of 2.7% in February, a 10.7% surge in March, then a flat figure in April. The May figure due later is forecast to slip 0.7%. Michael Hewson at CMC Markets said: "While the US is doing well on the vaccine rollout plans and the reopening of the economy, with theme and holiday parks also reopening, there still seems to be an overriding feeling of caution around consumer spending patterns which appears to be tempering retail sales. Higher fuel prices probably aren’t helping with an expectation of a decline of -0.7% expected. "With inflation at multi year highs today’s PPI numbers for May could also offer a further glimpse into the inflationary impulse of the US economy. Often a leading indicator of future CPI numbers they have already proved to be reasonably accurate so far. "Today’s headline PPI is expected to stay at 6.2%, however core prices are expected to rise further from 4.1% to 4.8%, which would be additional food for thought for the members of the [Federal Reserve} when they sit down and start their deliberations later today." Four things to watch for on Tuesday: Companies in the earnings diary today include software firm Oracle Corp (NYSE:ORCL), tax specialist H&R Block Inc (NYSE:HRB) and investment firm StepStone Group Inc (NASDAQ:STEP) Shares in Boeing Co (NYSE:BA) will likely be in focus amid reports the EU and the US are on the cusp of resolving a 17-year long dispute over state aid to aircraft manufacturers Amazon Inc 9NASDAQ:AMZN) could also draw attention following reports an investigation into its business by Indian competition authorities is due to be expedited On the macro front, aside from the Fed meeting and US sales figures, there will also be production data and housing market readings to populate the diary