U.S. stocks fell Wednesday as investors await the outcome from the Federal Reserve’s two-day policy meeting and comments from Fed Chair Jerome Powell later in the day.
The Dow Jones Industrials gained 88.51 points to move into noon hour at 32,914.46.
The S&P dipped 19.75 points to 3,942.96
The NASDAQ Composite tumbled 177.03 points, or 1.3%, to 13,294.54.
Apple, Alphabet, Facebook and Netflix all traded in the red. Tesla shed more than 2%.
A strong vaccine rollout and the easing of state lockdown restrictions have also boosted reopening stocks.
Shares of Disney erased earlier losses and gained 0.8% after CEO Bob Chapek announced that California’s two Disneyland theme parks will reopen on April 30.
Boeing rose 1.2%, while Carnival and Norwegian Cruise Line both traded up more than 1%. Shares of McDonald’s climbed 1% after Deutsche Bank upgraded the stock to buy from hold.
On Wednesday, the Fed will release new economic and interest rate forecasts, which could indicate Fed officials expect to raise rates by, or even before, 2023. The central bank is expected to acknowledge stronger growth, which should put the Fed’s easy policies in the spotlight, especially given the new $1.9 trillion in federal stimulus spending.
Investors will also hear from Fed Chair Powell, who is likely to move the stock and bond markets with his commentary, despite being unlikely to offer specifics.
Prices for 10-Year Treasurys fell sharply, raising yields to 1.69% from Tuesday’s 1.62%. Treasury prices and yields move in opposite directions.
Oil prices gave up 79 cents to $64.01 U.S. a barrel.
Gold prices dulled $4.90 to $1,726.00.