BUSINESS US stocks open mixed ahead of Fed announcement

BUSINESS

US stocks open mixed ahead of Fed announcement

Xinhua

22:44, March 17, 2021

NEW YORK, March 17 (Xinhua) -- U.S. stocks opened mixed on Wednesday, weighed down by a noticeable pullback in tech names, ahead of a key announcement from the Federal Reserve.

Shortly after the opening bell, the Dow Jones Industrial Average added 26.46 points, or 0.08 percent, to 32,852.41. The S&P 500 fell 17.82 points, or 0.45 percent, to 3,944.89. The Nasdaq Composite Index decreased 146.18 points, or 1.09 percent, to 13,325.39.

Seven of the 11 primary S&P 500 sectors slipped in morning trading, with technology and communication services down 1.5 percent and 1 percent, respectively, leading the laggards. Financials rose 1.1 percent, the best performing group.

The slide in tech shares came as bond yields maintained momentum ahead of a policy decision from the U.S. central bank. The yield on the benchmark 10-year U.S. treasury topped 1.67 percent early on Wednesday, hitting a new 13-month high. The 30-year treasury yield broke above 2.42 percent.

The Fed kicked off its two-day monetary policy meeting on Tuesday. Investors are eager to see updated forecasts on the economic outlook and guidance for interest rates.

On Tuesday, Wall Street's major averages finished mixed with the Dow and the S&P 500 ending lower, while the Nasdaq eked out a modest gain.

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