Wall Street’s major market averages trade in the red on Tuesday as investors keenly await tomorrow’s interest rate decision by the Federal Reserve and key inflation data.
Early on and the Dow (DJI) was -0.6%, the S&P 500 (SP500) was-0.3%, and the Nasdaq Composite (COMP:IND) was-0.1%.
The 10-year Treasury yield (US10Y) was down 2 basis points to 4.44%. The 2-year yield (US2Y) was down 2 basis points to 4.86%. See how other yields trade across the entire yield curve here.
The benchmark averages ended higher on Monday, with the S&P 500 and Nasdaq posting new all-time highs.
“Over in the U.S., markets were much more subdued yesterday, with the focus now turning to the double excitement tomorrow of the CPI release and the Fed’s decision,” Deutsche Bank’s Jim Reid said.
The Fed starts its two-day meeting today and it is widely expected that the FOMC will keep rates unchanged. Traders will, however, be highly interested in the updated dot plot and will be tuning into the Fed’s press conference that will take place tomorrow after the decision is out.
On the economic front, the quarterly services report is expected today during market hours, and the results of $39B, 10-year Note Auction are slated to land at 1 p.m. ET.
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