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