NEW YORK, Oct 31 — Wall Street stocks retreated early today to kick off a news-heavy week that includes a Federal Reserve decision and key jobs and economic data.
Markets are expecting the Fed to again undertake a 0.75 percentage point interest rate hike in its latest move to combat inflation.
But there will be much focus on the tone from Fed Chair Jerome Powell at a news conference Wednesday following the policy announcement. Hopes that the Fed could soon moderate its stance in light of weakening economic data have lifted stocks in recent weeks.
The agenda also includes October jobs data and reports on the manufacturing and services sectors.
About 15 minutes into trading, the Dow Jones Industrial Average was down 0.3 per cent at 32,749.58.
The broad-based S&P 500 shed 0.6 per cent to 3,877.29, while the tech-rich Nasdaq Composite Index dropped 1.0 per cent to 10,994.97.
This week’s calendar also includes earnings results from Pfizer and Starbucks, among other companies. — AFP
