Stocks took a hit on Tuesday as investors braced for key announcements from the Federal Reserve Board of Governors' (FOMC) two-day policy meeting. Major indexes including the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all fell in anticipation.
U.S. stocks fell across the board
The Dow Jones Industrial Average fell 219 points, or 0.6%, a significant pullback. Likewise, the S&P 500 fell 0.3%, while the Nasdaq Composite slipped 0.2%. Major stocks including JPMorgan Chase, Amgen and American Express fell more than 1%. Tech giants Nvidia and Microsoft also pulled back slightly, further weighing on the overall market.
Focus of FOMC meeting: Market expects interest rates to remain unchanged
Investors are focused on the two-day policy meeting of the Federal Reserve Board of Governors that begins on Tuesday. The meeting ends on Wednesday with a key interest rate decision, followed by a press conference by Fed Chairman Jerome Powell. Despite high expectations for the policy announcement, market sentiment suggests lending rates are likely to remain unchanged. The chance of a rate cut at this week's meeting is close to zero, according to CME's FedWatch tool.
Upcoming economic data
Investors are closely watching other key economic indicators ahead of the Fed's decision. On Tuesday, small business data will be released, providing insight into the current state of the economy. Elsewhere, the U.S. is to release May consumer price index (CPI) on Wednesday morning.
The cryptocurrency market is in embarrassment
Bitcoin fell by 3.65%, Ethereum exceeded 4%, BNB returned to 600 again, and SOL hesitated at 150.
This article: The FOMC meeting started, and the US stock market index all fell. It first appeared on Lian News ABMedia.
