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US stocks retreat ahead of central bank announcements

Wall Street stocks fell early Tuesday, with consumer and technology shares especially weak ahead of key monetary policy decisions.

Worries about global economic growth have raised expectations for more central bank easing. The European Central Bank is expected to unveil new stimulus measures on Thursday, while the Federal Reserve is seen as likely to cut interest rates again on September 18.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 26,772.22, down 0.2 percent.

The broad-based S&P 500 shed 0.6 percent to 2,961.09, while the tech-rich Nasdaq Composite Index fell 0.9 percent to 8,016.11.

Large banks outperformed the broader market for a second straight day as the yield on US Treasury bonds increased.

Ford fell five percent after Moody's downgraded the credit rating of the auto company, citing a weak financial outlook as it embarks on an ambitious restructuring.

Uber and Lyft both dipped as momentum built for a bill in California that would classify drivers as employees, requiring a minimum wage, unemployment compensation and other benefits.