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US stocks fall ahead of Fed announcement – Markets NewsPipa

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NEW YORK: Wall Street stocks fell early on Wednesday as markets digested private-sector hiring data and looked ahead to a key decision by the Federal Reserve.

US firms added 239,000 jobs in October, according to payrolls firm ADP, which was above expectations and investors were hoping for signs of a slowing US economy that could lead the Fed to moderate its aggressive stance to combat inflation.

The US central bank is expected to raise interest rates again by 0.75 percentage points later on Wednesday, but investors look to Fed Chair Jerome Powell to signal a smaller hike at next month’s meeting.

US stocks rebounded amid improving sentiment for equities

About 25 minutes into trading, the Dow Jones Industrial Average was down 0.4 percent at 32,507.91.

The broad-based S&P 500 fell 0.5 percent to 3,838.41, while the tech-heavy Nasdaq Composite Index fell 0.4 percent to 10,847.99.

Among individual companies, CVS Health rose 3.6 percent after reporting better-than-expected earnings and announcing an agreement to pay $5 billion to settle opioid claims.

Walgreens Boots Alliance, which announced a similar deal, rose 1.4 percent.

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