February 1, 2023

Dow opens 200 points lower as Fed policy decision looms

MARKET PULSE

U.S. stocks opened lower on Wednesday as investors braced for a 25 basis point rate hike from the Federal Reserve at the close of its two-day policy meeting. The S&P 500 shed 9 points, or 0.2%, to 4,067. The Dow Jones Industrial Average fell by 200 points, or 0.6%, to 33,885. The Nasdaq Composite declined by 3 points, or less than 0.1%, to 11,581. While the Fed is widely expected to hike rates by 25 basis points on Wednesday, some anticipate that Chairman Jerome Powell could undercut the market’s latest advance by pushing back against hopes for a policy pivot.

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