U.S. Stocks Fall Ahead of Fed Meeting on Interest Rates

By Liz Moyer — U.S. stocks fell for the third-straight day ahead of the Federal Reserve’s two-day meeting to decide the next step on interest rates.

At 9:43 ET (13:43 GMT), the was down 115 points, or 0.4%, while the was down 0.3% and the was down 0.3%.

Most expect

the Fed will raise its benchmark rate by a 0.75 percentage point, as it also did in June and July, while there are some who see the possibility of an even bigger full-point increase. Investors have worried in recent days that the Fed’s aggressive actions to cool inflation will tip the economy into a recession.

Fed officials, including Chair Jerome Powell, have said they will fight with whatever it takes to tame even if that causes pain in the economy. On Wednesday, Powell will hold a press conference after the Fed makes its .

Shares of Take-Two Interactive Software Inc (NASDAQ:) fell 2.8% after a report about a hack that ended up putting parts of its new Grand Theft Auto IV video game on the internet.

AutoZone Inc (NYSE:) share rose 0.7% after it better than expected revenue and profit, as the auto parts retailer’s same store sales rose 6% from last year.

Oil fell, with both benchmarks below $90. was down 2%, to $82.81 a barrel, while crude fell 1.9%, to $89.56 a barrel. also fell 0.5%, to $1675 an ounce.

Source link

Leave a Comment

Your email address will not be published.

Scroll to Top