Stocks took a hit on Tuesday as investors braced for key announcements from the Federal Reserve's two-day policy meeting. Major indexes including the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all fell as expected.
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ToggleU.S. stocks fell across the board
The Dow Jones Industrial Average fell 219 points, or 0.6%, a significant fall. 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%. Technology giants Nvidia and Microsoft also retreated slightly, further dragging down 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. According to CME's FedWatch tool, the chance of a rate cut at this week's meeting is close to zero.
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. In addition, the United States will release the 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.
