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U.S. Stocks Wobble as Investors Wait on Fed Decision

Published 05/03/2022, 09:35 AM
Updated 05/03/2022, 09:39 AM
© Reuters.

© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks wobbled on Tuesday as a flood of earnings continued and investors braced for an expected half-point jump in interest rates from the Federal Reserve.

At 10:15 AM ET, the Dow Jones Industrial Average fell 53 points, or 0.1%, while the S&P 500 rose 0.2%, and the NASDAQ Composite rose 0.1%.

Pfizer Inc. (NYSE:PFE) shares rose 0.4% after the pharmaceutical giant maintained its sales forecast for a COVID-19 treatment. Cosmetics maker Estee Lauder Companies Inc. (NYSE:EL) fell 6% after it cut its full-year profit guidance because of China lockdowns and Russia’s war in Ukraine.

Shares of Chegg, Inc. (NYSE:CHGG), the online education company, tumbled 31% after it cut its revenue outlook, citing tough economic conditions that were affecting enrollment.

The Fed’s two-day meeting, which begins today, is expected to result in a bigger interest hike than the typical quarter-point move as the central bank tries to contain inflation. Later this week, the jobs report for April will give another reading on the health of the economy.

Oil dipped modestly ahead of this week’s meeting of the Organization of the Petroleum Exporting Countries and its allies including Russia. Crude Oil WTI Futures, the U.S. benchmark, fell 1.3% to $103.77, and Brent Oil Futures, the international standard, fell 1.3% to $106.12. 

Gold Futures was flat at $1,864 an ounce.

Latest comments

This Fed meeting will have no impact on stocks. Friday unemployment rate will and next week ppi CPI etc will
What is there to wait when interest rate is definitely be up?
10AM sharp, and the laughingstock of the financial world "bounces" with the predictability of the rising tide.  Just who are these "investors" that coordinate their purchases at the SAME TIME every day to "move the market?"  Criminally manipulated joke.
Let me break the suspense. Stonks will go higher cause billionaires hijacked the stonk market. Stop pretending that data or logic matters - it doesnt.
Ah yes, the never-ending "investors wait" routine.  And every time they wait, they seem to "buy," so savvy "investors" must know the future.  How astute, as another round of criminal intervention unfold in the laughingstock of the investing world.
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