US stocks open lower before Fed minutes' release

By Ovunc Kutlu

ISTANBUL (AA) - US stocks opened lower Wednesday before the release of the Federal Reserve's minutes from its last meeting.

The Dow Jones was down 101 points, or 0.26%, to 38,462 at 9.53 a.m. EDT. The S&P 500 fell 12 points, or 0.25%, to 4,963.

The Nasdaq decreased 91 points, or 0.59% to 15,539.

The Fed will release the minutes of its first 2024 meeting that concluded on Jan. 31, in which the central bank kept its federal funds rate unchanged, as expected, in the 5.25%-5.5% target range – the highest level in 23 years.

While economists will look for clues in the minutes about when the Fed would start lowering interest rates this year, the bank's first cut is expected to come in May at the earliest, according to analysts.

The VIX volatility index, also known as the fear index, rose 2.8% to 15.85. The 10-year US Treasury yield lost 0.16% to 4.269%.

The dollar index fell 0.04% to 104.04, while the euro rose 0.1% to $1.0814 against the greenback.

Precious metals were mixed, with gold adding 0.15% to $2,027 per ounce but silver losing 0.1% to $22.99.

Oil prices showed small gains, with global benchmark Brent crude rising 0.05% to $82.37 per barrel and US benchmark West Texas Intermediate crude increasing 0.16% to $77.17.