As Wall Street awaited the outcomes of this week’s Federal Reserve policy meeting, stocks declined on Tuesday.
To finish at 34,517.73, the Dow Jones Industrial Average dropped 106.57 points, or 0.31%. The S&P 500 dropped to 4,443.95 by 0.22%. Nasdaq Composite down 0.23 percent 13,678.19.
Following the announcement that it will roughly increase its investment in its cruise and parks businesses, Disney’s stock fell more than 3%. The stock of Deere, which is sometimes used as a predictor of future economic activity, dropped by about 3% during the session after Evercore ISI, an investment firm, downgraded the company’s shares over concerns about agricultural productivity.
After going live on the market, the price of Instacart’s grocery delivery stock increased by more than 12%.
The two-day meeting of the central bank gets underway on Tuesday. According to the FedWatch tool from CME Group, a gauge of pricing in fed funds futures, traders have priced in a 99% chance that the Fed will not hike rates when it makes its announcement on Wednesday. Only a 29% possibility of an increase in November is projected by traders.
On Wednesday, the Fed will additionally present economic projections. The direction of inflation and the future of monetary policy will be discussed in future investor comments.
Source (CNBC)
