Sunday, April 14, 2024
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Stocks Begin Lower

On Tuesday, stocks fell as Wall Street awaited news from the Federal Reserve policy meeting.

58 points, or 0.2%, were lost by the Dow Jones Industrial Average. The Nasdaq Composite fell 0.4%, while the S&P 500 fell 0.3%.

The major averages are coming off a session on Monday where they were essentially flat, with the S&P 500 edging up 0.07%. The 30-stock Dow gained 0.02%, or 6.06 points, while the Nasdaq Composite managed only a 0.01% gain.

Tuesday marks the start of the two-day central bank meeting. According to CME Group’s FedWatch tool, a measure of pricing in fed funds futures, traders have priced in a 99% possibility that the Fed will not raise rates when it announces its decision on Wednesday. Only a 29% possibility of an increase in November is predicted by traders.

On Wednesday, the Fed will also provide market predictions. Investors will be on the lookout for remarks on the future trajectory of interest rates and the course of inflation.

Source (CNBC)

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