On Tuesday, as investors prepared for the important announcement of the Federal Open Market Committee (FOMC) two-day policy meeting, the stock market took a hit. Major indices such as the Dow Jones Industrial Average, the S&P 500 Index, and the Nasdaq Composite Index all fell as expected.
Stocks across the board declined, with the Dow Jones Industrial Average dropping 219 points, a decrease of 0.6%, showing significant retreat. Similarly, the S&P 500 Index fell 0.3%, and the Nasdaq Composite Index slipped 0.2%. Major stocks like JPMorgan Chase, Pfizer, and American Express dropped over 1%. Tech giants Nvidia and Microsoft also saw slight declines, further dragging down the overall market.
Investors’ focus is on the two-day FOMC policy meeting starting on Tuesday. The meeting will conclude on Wednesday with a crucial interest rate decision, followed by a press conference by Fed Chair Powell. Despite high expectations for the policy announcement, market sentiment indicates that borrowing rates may remain unchanged. According to CME’s FedWatch tool, the likelihood of a rate cut at this week’s meeting is nearly zero.
Before the Fed makes its decision, investors are closely watching other key economic indicators. On Tuesday, small business data will be released, providing insights into the current economic conditions. Additionally, the US will release the Consumer Price Index (CPI) for May on Wednesday morning.
Bitcoin fell by 3.65%, Ethereum by over 4%, BNB returned to 600, and SOL hesitated around 150.
Before the Fed’s decision, investors are keen on other key economic indicators. On Tuesday, small business data will be released, providing insights into the current economic conditions. Additionally, the US will release the Consumer Price Index (CPI) for May on Wednesday morning.