Wall Street stocks turned lower on Tuesday while the dollar slid as the US Federal Reserve began a two-day meeting at which it is expected to cut interest rates.

While the S&P 500 and Nasdaq Composite set fresh record highs as trading got underway in New York, equities soon slid into the red.

Stocks have repeatedly set record highs in recent days as a series of data showing a softening of the labour market and moderate inflation have cemented expectations that the Fed will resume cutting interest rates.

"The Fed's focus appears to have shelved inflation concerns for now, instead concentrating on a stalling (US) jobs market, which should lead to a 0.25-percent cut," noted Richard Hunter, head of markets at Interactive Investor.

The rise in stocks, particularly in tech shares, has provok

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