USA: Stocks move lower on Wall Street ahead of Fed news on rates
(AP) --- Stocks fell in afternoon trading on Wall Street Wednesday, ahead of what traders expect will be another big interest rate increase from the Federal Reserve.
Markets will be watching closely to see what Fed Chair Jerome Powell says about the central bank’s outlook for how long rates will need to stay high to fight inflation.
The S&P 500 fell 0.6% as of 1:37 p.m. Eastern. The Dow Jones Industrial Average fell 46 points, or 0.1%, to 32,606 and the Nasdaq fell 1.1%. Small company stocks lost more ground than the broader market. The Russell 2000 fell 1.5%.