Stocks open mixed before Fed meeting

US stock indexes were mixed at the opening on Tuesday as investors prepared for Federal Reserve policy decision And a set of profits.

The S&P 500 rose less than 0.1%. The benchmark stock index rose 0.6% on Monday, its third gain in four trading days. The technology-focused Nasdaq Composite is down 0.3% while the Dow Jones Industrial Average is up 0.2%.

before the bell, Pfizer It fell 1.2% after expectations Less return than expected by analysts. Shares of investment company KKR fell 1.8 percent after turning into a loss.

Estee Lauder

It lost 9.3% ahead of the market after the company cut its revenue and earnings forecast.

Elliott Investment Management Disclosure of approximately 6% stake in Western DigitalThis sent the data storage company’s shares up 10%.

Rockwell Automation

The Republic of Korea -14.41%

He said quarterly earnings slumped, sending shares down 8.4%.

The 10-year Treasury yield hit 3% for the second day in a row before easing back to 2.957%, compared to 2.995% on Monday. Yields, which move inversely to bond prices and are a reference to borrowing costs across the economy, have risen to their highest since 2018 in anticipation of higher interest rates.

It has also led to higher government borrowing costs globally. The yield on German 10-year government bonds, the benchmark in Europe, exceeded 1% on Tuesday for the first time since 2015, before easing back to 0.935%.

Overseas stock markets fluctuated. The Stoxx Europe 600 Index rose about 0.3%, led by shares of banks and oil and gas companies on a busy day for profits in the region.

BP shares rose 3.1%. After the oil producer reported base earnings of $6.2 billion, upon scrapping a pre-tax accounting fee related to his decision to exit his Russian holdings.

BNP Paribas

It posted a jump in earnings, sending the French lender’s shares up 4.3%.

OMX’s Stockholm All-Share stock settled in Sweden, rising 0.1%. On Monday, the market was among the hardest hit before A sudden collapse in European stocks Raised by the wrong sale by

City Group.

Mainland China markets are closed for a public holiday. Hong Kong’s Hang Seng added 0.1%.

All eyes are on the Fed’s next steps.


Brendan McDermid/Reuters

All eyes are on the Fed’s next steps as the central bank tries to apply the brakes at the fastest rate of inflation in decades. The price hike coincided with the coronavirus shutdown in China and the war in Ukraine to spread nervousness in stock markets this year.

Rate-setting officials will meet on Tuesday for the two-day policy meeting. Concluding on Wednesday, the Fed is expected to raise interest rates by half a percentage point, the first such increase in 22 years and after A quarter point increase in March.

Investors will also seek details from Chairman Jerome Powell about the central bank’s plans to reduce its bond holdings. Officials recently indicated that they would allow $95 billion in securities to mature each month, Decode another form of stimulation flooded the markets during the pandemic.

Gregory Berdon, chief investment officer at

Arbuthnot Latham.

Mr. Burdon added that financial conditions had already tightened significantly, noting a stronger dollar, higher Treasury yields and higher mortgage rates.

Earnings season continues in full swing.


ABNB -2.34%




American International Group

In the block after the markets close.

Overall positive corporate reports have failed to stabilize the market in recent weeks. Earnings growth is in line with historical norms at around 11% annually, according to Deutsche Bank analysts, while margins have remained near record levels despite higher input prices.

In commodities, Brent crude futures fell 1% to $106.55 a barrel. Traders are awaiting a meeting of ministers of OPEC members and their allies, including Russia, on Thursday, and are also watching the shutdown in China, which is curbing demand for fuel.

European Union Proposal to ban Russian crude oil By the end of the year it is due to be distributed to member states on Tuesday.

Federal Reserve Chairman Jerome Powell indicated that the central bank is likely to raise interest rates by half a percentage point at its meeting. Photo: Samuel Corum / Getty Images

Write to Joe Wallace at

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