US stocks end lower as investors await Fed
Rising oil prices contribute to inflation worries
Major indexes in the US stock market closed lower Tuesday as investors await Federal Reserve projections.
The Dow Jones was down 94 points to 34,299 with JPMorgan and Walt Disney falling 1.4% and 1.3%, respectively.
The S&P 500 fell 8 points to 4,246 as Tesla slid 3%. The Nasdaq plummeted 101 points to 14,072 with Novavax shedding 10%.
The VIX volatility index was up for the second day in a row -- adding 4.1% to 17.07.
The yield on the 10-year US Treasury note was down 0.1% to 1,499%, while the dollar index was flat at 90.53.
The Fed’s two-day meeting that kicked off Tuesday will conclude Wednesday when it will release key macroeconomic projections for economic growth, inflation and employment.
Although the central bank is not expected to raise its benchmark interest rate, the projections will signal whether one is on tap before 2023 amid rising inflation.
US producer prices soared 6.6% in May, from the same month a year ago -- its largest gain since November 2010, the Labor Department announced earlier. Last week it said consumer prices jumped 5% in May on an annual basis -- the largest increase since August 2008.
Rising oil prices have been contributing to inflation worries as they hit their highest level in a year.
Brent crude was trading at $74.15 with a 1.8% gain shortly after the final bell, and US West Texas Intermediate was at $72.26 -- up 1.9%.Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.