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U.S. Stocks Fall Ahead of Fed's Policy Meeting

Stock Markets Sep 20, 2022 10:30AM ET
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By Liz Moyer

Investing.com -- U.S. stocks fell on Tuesday as the Federal Reserve’s monetary policy members prepared to make their decision on the next step with interest rates.

At 10:24 ET (14:24 GMT), the Dow Jones Industrial Average was down 390 points, or 1.3%, while the S&P 500 was down 1.3% and the NASDAQ Composite was down 0.9%.

The market expects a three-quarter point increase in rates when the announcement comes out tomorrow. But investors are turning their attention to the Fed’s updated economic projections, which will show what the Fed thinks about the endpoint on rates as well as its forecasts for inflation and employment.

Fed officials have talked in recent weeks about their determination to tame inflation, using whatever it took, despite any pain that may cause to the economy. Investors have interpreted that to mean a recession could be in the future.

In housing data, the number of permits given to build new houses dropped in August, but housing starts showed the biggest monthly gain in over a year. Building permits fell 10% in August from the prior month, to 1.517 million, their lowest in two years. Housing starts rose more than 12% to 1.575 million, beating expectations.

The rebound in housing starts is a stark difference to other recent reports showing a cooling down in the housing market.

Companies have talked about rising costs and ongoing supply issues. Late Monday, Ford Motor Company (NYSE:F) said its third quarter would have higher costs and unfinished vehicles, blaming parts shortages. Ford shares fell 8% on Tuesday.

Cognex Corporation (NASDAQ:CGNX) shares rose 7.8% after the sensor and machine vision systems maker raised its outlook for revenue in the current quarter.

Oil fell. Crude Oil WTI Futures fell 2.2%, to $83.47 a barrel, while Brent Oil Futures crude was down 2%, to $90.19 a barrel. Gold Futures fell 0.3%, to $1672 an ounce.

U.S. Stocks Fall Ahead of Fed's Policy Meeting
 

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Comments (18)
vincent li
vincent li Sep 20, 2022 7:51PM ET
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who spends their life writing biased article content ..
Brad Albright
Brad Albright Sep 20, 2022 7:51PM ET
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Facts seem biased to people who avoid them.
Bharat Solanki
Bharat Solanki Sep 20, 2022 1:11PM ET
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today down 1275 point
manoj kumar Jena
manoj kumar Jena Sep 20, 2022 12:27PM ET
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red
manoj kumar Jena
manoj kumar Jena Sep 20, 2022 12:27PM ET
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ref
Sep 20, 2022 11:50AM ET
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will be green day today
Sep 20, 2022 11:49AM ET
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will be green markers today trust me
Djamshid Bakiev
AMMM Sep 20, 2022 11:14AM ET
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BTD against FED - who wins? History tells FED
Mitchel Pioneer
Mitchel Pioneer Sep 20, 2022 11:12AM ET
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Miracle intraday "recovery" round #1 in the books.  Flagrantly manipulated, predictable JOKE.  A crime for the history books.
Dipak Satav
Dipak Satav Sep 20, 2022 11:04AM ET
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us 1000 points down
Prison Mike
Prison Mike Sep 20, 2022 10:57AM ET
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Don't worry, the "dip-buyers" will get it back to green
 
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