Wall street opens on a muted note ahead of Fed policy meet
Fed policy meeting, stocks are drifting again in the US stock market. The S&P 500 was off 0.2% early Tuesday. The Dow slipped 37 points and the Nasdaq composite was down 0.4%.
Futures for the Dow Jones Industrial Average and the S&P 500 were essentially flat, up less than 0.1% before the bell. The Fed is gathering Tuesday for a two-day meeting before it announces its decision on where interest rates are going. In all likelihood, the Fed's benchmark rate will be left where it is.
Japan's central bank will meet Thursday and Friday amid speculation it might gradually begin to adjust its longstanding negative interest rate policy. In trading Tuesday, online grocery delivery company Instacart makes its market debut after raising $660 million in its initial public offering of 22 million shares at $30 apiece. Its shares are set to begin trading on the Nasdaq stock exchange under the stock symbol “CART." The pricing of the IPO gave Instacart a market value of around $10 billion, significantly lower than the $39 billion value placed on it in 2021.
Shares in Stitch Fix tumbled nearly 7% in premarket after the personalized online fashion retailer reported losing nearly 500,000 active users in the past year and forecast first-quarter revenue well below Wall Street estimates. Elsewhere, in Asian trading, Japan’s Nikkei 225 dropped 0.9% to finish at 33,242.59. Australia’s S&P/ASX 200 lost 0.5% to 7,196.60.
South Korea’s Kospi edged down 0.6% to 2,559.21. Hong Kong’s Hang Seng rose nearly 0.4% to 17,997.17, while the Shanghai Composite inched down less than 0.1% to 3,124.96. In Europe at midday, France’s CAC 40 added 0.2%, Germany’s DAX fell 0.2% and Britain’s FTSE 100 was little changed, rising less than 0.1%.
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