US stocks open slightly lower as Fed meeting kicks off

By Ovunc Kutlu

ISTANBUL (AA) - Major stock exchanges in the US opened slightly lower on Tuesday as the Federal Reserve's first two-day meeting of the 2024 kicks off.

The Dow Jones lost 28 points, or 0.07%, to 38,304 at 9.40 a.m. EDT (1440GMT). The S&P 500 shed two points, or 0.04%, to 4,926. Both exchanges closed Monday with gains to mark their sixth record-high closes this year.

The tech-heavy Nasdaq, meanwhile, decreased 20 points, or 0.13%, to 15,608.

The Fed is widely expected not to change its benchmark interest rate on Wednesday, but all eyes will be on Chair Jerome Powell’s post-meeting press conference, as investors will focus on any hints about the direction of interest rates in the coming months.

The VIX volatility index, also known as the fear index, rose 0.15% to 13.62. The 10-year US Treasury yield shed 0.8% to 4.059%.

The dollar index decreased 0.28% to 103.33, while the euro added 0.14% to $1.0849 against the greenback.

Precious metals were on the rise, with gold adding 0.7% to $2,046 per ounce and silver increasing 0.14% to $23.23.

Oil prices were in positive territory, with global benchmark Brent crude adding 0.3% to $82.07 per barrel, and US benchmark West Texas Intermediate crude increasing 0.6% to $77.28 a barrel.