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Wall Street stocks retreated Tuesday as markets prepared for a Federal Reserve decision and monitored lofty Treasury bond yields and the oil market. online news
The Fed is widely expected on Wednesday to keep interest rates unchanged, but markets are focused on the risk of additional interest rate hikes later in 2023.
“Investors remain on edge about policymakers’ economic and interest rate projections,” said a note from Charles Schwab that pointed to “narrow, choppy trading typical of the days approaching a Federal Reserve interest rate decision.”
The Dow Jones Industrial Average declined 0.3 percent to 34,517.73.
The broad-based S&P 500 dipped 0.2 percent to 4,443.95, while the tech-rich Nasdaq Composite Index also lost 0.2 percent at 13,678.19.
Major indices had been down more earlier in the day, but staged a partial rebound after oil prices pulled back, analysts said.
Disney sank 3.6 percent after announcing plans to nearly double capital spending in its theme parks division to around $60 billion over 10 years.
Intel dropped 4.3 percent as it unveiled new processing technology employing artificial intelligence. Some observers said the presentation did not showcase any unexpected new offerings.
But Instacart jumped 12.3 percent in its Nasdaq debut in a sign of revived Wall Street appetite for IPOs. The grocery delivery company had risen even more earlier in the day, climbing 43 percent shortly after its debut.
jmb/bfm
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