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Stocks slipped Wednesday as investors awaited the latest policy decision from the Federal Reserve.
The Dow Jones Industrials tumbled 314.83 points to pause for lunch hour Wednesday at 33,771.21.
The S&P 500 fell 19.64 points to 4,056.96.
The NASDAQ Composite dropped 41.49 points to 11,543.06.
Corporate earnings season continued. Peloton shares rose more than 8% after the fitness equipment company said its net loss narrowed year over year. Advanced Micro Devices shares gained more than 3% after the semiconductor company reported a fourth-quarter earnings beat.
Meanwhile, Snap shares dropped more than 11% after the social media company posted a disappointing quarterly revenue.
The Fed at 2 p.m. ET will announce how much it is increasing interest rates in its latest effort to tame high inflation, with market participants expecting a 25 basis point bump from the central bank. The Fed’s announcement will be followed by comments from Chair Jerome Powell.
Some indicators that inflation is easing in the broader economy have investors hoping for a more dovish tone from the Fed. On Tuesday, the employment cost index, a measure of wage increases, showed compensation rose 1% in the fourth quarter, less than the 1.1% estimate by Dow Jones.
Prices for the 10-year Treasury regained lost strength, lowering yields to 3.47% from Tuesday’s 3.50%. Treasury prices and yields move in opposite directions.
Oil prices dipped $1.52 to $77.35 U.S. a barrel.
Gold prices skidded $4.80 to $1,940.50 U.S. an ounce.
