US stocks slide on weak housing data

Wall Street pulled back sharply today as a lack of economic news left investors hesitant to buy stocks ahead of the Federal Reserve’s interest rate decision next week.

Falling commodity prices and some strength in the US dollar eased the inflation picture, but weakness in oil- and metal-related stocks pulled the market lower. Investors also found little direction without any new economic data to feed speculation over whether the Fed will hike rates again at its two-day meeting June 28-29.