US stocks open mixed as Fed meeting looms

By Ovunc Kutlu

ISTANBUL (AA) – US stock market opened mixed on Monday, two days before the key monetary decision of the Federal Reserve.

The Dow Jones Industrial Average was up 54 points, or 0.17%, to 34,030 at 10:18 a.m. EDT (1518GMT).

The S&P 500, on the other hand, fell 16 points, or 0.41% to 4,053.

The tech-heavy Nasdaq plummeted 116 points, or 1%, to 11,505 at the time.

The VIX volatility index, also known as the fear index, jumped 7.6% to 19.86, while the 10-year US Treasury yield rose 0.6% to 3.538%.

The dollar index fell 0.06% to 101.86, while the euro added 0.15% to $1.0885 against the greenback.

Precious metals were mixed, with gold trimming 0.03% to $1,927 per ounce but silver rising 0.4% to $23.69.

Crude oil prices were down 0.9% with global benchmark Brent crude at $85.60 per barrel and US benchmark West Texas Intermediate crude at $78.91.

The positive macroeconomic data announced last week provided optimism for investors who now expect the Fed to end its aggressive tightening cycle sometime this year.

The US central bank is widely expected to make a 25 basis points of interest rate hike at the conclusion of its two-day meeting on Wednesday, after making a total of 425-point rate hike on seven occasions last year to lower record high inflation.