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Stocks slide as traders brace for the Fed rate decision
At 10:30 a.m. ET, the S&P 500 was down 0.7% and the 10-year Treasury yield rose to 4.63% as crude oil climbed after Iran-related strikes.
US stock benchmarks pulled back on Wednesday as crude oil rebounded, and investors looked ahead to the Federal Reserve’s upcoming interest rate announcement, according to LiveMint Markets.
By 10:30 a.m. Eastern Time, the S&P 500 fell 0.7%, the Dow Jones Industrial Average was down 1.4%, and the Nasdaq Composite dropped 1.0% from earlier levels.
The report said market participants broadly expect a rate hike that would be the Fed’s first tightening move in three years, with CME Group data indicating traders priced in about a 36% chance of an increase.
Energy prices rose after renewed conflict involving Iran, with Brent crude up 6% to $87.01 per barrel and the 10-year Treasury yield edging up to 4.63% from 4.61% on Tuesday, while tech names such as Nvidia, Advanced Micro Devices, and Micron fell.
Latest closeWTI crude $81.23 ▼1.7%|Brent $85.92 ▼2.8%|S&P 500 7,428.78 ▲0.2%