Tuesday saw a drop in stocks as the Federal Reserve began a crucial two-day policy meeting.
A loss of 219 points, or 0.6%, was experienced by the Dow Jones Industrial Average. The Nasdaq Composite fell 0.2% and the S&P 500 dropped 0.3%.
Leading the Dow lower were JPMorgan Chase, Amgen, and American Express, all of which saw a decline of more than 1%. Microsoft and Nvidia took a small step back.
On Wednesday, the Fed will decide on interest rate policy, and Federal Reserve Chair Jerome Powell will hold a press conference after the meeting.
Investors are mainly pricing in the possibility that the borrowing rate stays steady, even as they eagerly await the policy announcement.
FedWatch Tool from CME shows that there is almost no possibility of a cut at this week’s meeting based on Fed funds futures.
Source (CNBC)
