New Zealand's stock market experienced a slight dip of 11 points, equivalent to 0.1%, reaching 13,450 in early trading on Tuesday. This follows modest gains seen in the previous session. Investors exhibited caution in anticipation of the U.S. Federal Reserve's two-day policy meeting, which begins today. Market expectations suggest that interest rates will be held steady following three successive cuts. Concerns about the Fed's independence remain a topic of discussion, especially amid President Trump's continuing disagreements with Fed Chair Jerome Powell. Moreover, sentiment was influenced by developments in China—New Zealand’s largest trading partner—as it prepares to disclose industrial profit figures for 2025. The report follows tepid growth from January to November, registering only a 0.1% increase, along with a significant decline in November. On the domestic front, investors are also focusing on December's trade data, scheduled for release on Wednesday, which is anticipated to reveal a subdued trade balance. The healthcare, energy minerals, and communications sectors were notable for their downturns, although logistics and producer manufacturing sectors played a role in limiting the overall losses. Among prominent decliners were Fletcher Building, dropping by 1.5%, AFT Pharmaceuticals down 1.4%, Summerset Group falling 0.9%, and Mercury NZ decreasing by 0.6%.