Stocks finish lower as Wall Street braces for key Fed decision; European stocks close higher as global markets focus on the Fed
Stocks dipped on Tuesday as traders assessed better-than-expected economic data and prepared for another likely rate hike from the Federal Reserve.
The Dow Jones Industrial Average fell 79.75 points, or 0.24%, to 32,653.20, while the S&P 500 slid 0.41% to 3,856.10. The Nasdaq Composite shed 0.89% to 10,890.85.
All the major averages opened higher but turned negative after job openings in September showed a resilient labor market. The news heightened fears that the central bank may keep its aggressive stance as it fights to tame high inflation.
Some losses were mitigated Tuesday as a better-than-feared earnings season continued with a strong report from Pfizer. Uber shares popped nearly 12% on a revenue beat. Companies this season have grappled with high inflation, rising rates and a strong dollar.
The pan-European Stoxx 600 index closed up 0.5%, but was off highs for the session. Most sectors and major bourses finished in positive territory with mining stocks leading the gains, up 3.3%.
Oil and gas giant BP on Tuesday reported stronger-than-expected third-quarter profits. The British energy major posted underlying replacement cost profit, used as a proxy for net profit, of $8.2 billion for the three months through to the end of September. That compared with $8.5 billion in the previous quarter and a net profit of $3.3 billion over the same period a year earlier.
Source: CNBC, Investing.com