US Stock Markets Today: Wall Street Swings To Red After Opening Higher Ahead Of Fed Rate Decision
Oracle, Apple, Meta and Nvidia were some of the key gainers in early trade.
The S&P 500, Dow Jones Industrial Average and tech-heavy Nasdaq Composite opened in the green on Tuesday, but later slipped into the red as trading progressed.
The positive start came after data showed a 0.6% rise in retail purchases across the US. The control-group sales, a pertinent factor in calculating goods spending in GDP, also grew 0.7%.
In the early minutes of trade, S&P 500 was trading 0.14% or 9.15 points higher at 6,624; Dow Jones edged 0.11% or 49.23 points higher to trade at 45,883.45, and the tech-heavy Nasdaq rose 0.21% or 46.20 points higher at 22,394.95.
Later, however, the Wall Street swung to red with S&P 500 and Nasdaq trading near the session's low. As of 7:56 p.m. (IST), S&P 500 was trading 0.10% or 7.36 points lower at 6,607.92, while Nasdaq composite traded 0.02% lower at 22,344.93 and Dow Jones ticked 0.37% lower to trade at 45,714.39.
The volatility in the first half of trade came as investors kept a keen watch on the US Federal Reserve meeting that began on Tuesday. The monetary policy authority will announce its decision on interest rates on Wednesday.
Shares of Oracle Corp. logged gains to trade 2.55% higher at $309.83, Apple Inc. was also trading 1.16% higher at $239.50. Tesla shares were up 1.77% to $417.70. There was little change in the Alphabet stock price with shares trading 0.07% in the red.
Meta Platforms also saw a rise of 0.61% to trade at $769.44, whereas the shares of Nvidia Corp ticked 0.52% lower to trade at $176.82.
Eight of the 11 sectoral indices were trading in red with only consumer discretionary, consumer staples, and the energy sector ticking higher.
As the US market opened, spot gold was trading 0.3% higher at $3,690 an ounce. Crude oil prices rose, with the benchmark Brent Crude trading 1.53% higher at $64.25 per barrel.
The Bloomberg Dollar Spot Index fell 0.3%, with the British Pound rising 0.4% to $1.3651 and the Japanese yen up 0.3% to 146.90 per dollar
Bitcoin, the largest traded cryptocurrency, fell 0.4% to $114,977.26.
