US stocks drop with investors waiting for Fed next's policy move as inflation accelerates
stocksdropped Tuesday before the Federal Reserve begins its policy meeting.
- The Fed will have to confront high inflation and Omicron concerns.
US stocks fell Tuesday as nervousness among investors set in as the Federal Reserve begins its last policy meeting of 2021 with hot inflation and the spread of a new coronavirus variant at hand.
Here's where US indexes stood at 9:30 a.m. on Tuesday:
- S&P 500: 4,639.68, down 0.63%
- Dow Jones Industrial Average: 35,577.84, down 0.21% (73.11 points)
- Nasdaq Composite: 15,235.54, down 1.21%
The Fed will start its two-day policy meeting later Tuesday with the latest wholesale inflation report available. That report showed a rise to a 9.6% rate in November. Alongside that, worries about the omicron virus strain were picking up again as China reported its first case of the variant. Concerns about new restrictions have also emerged, with Hong Kong over the weekend saying travelers returning from the US will have to quarantine for a week in a state-run facility.
Bitcoin rose by 0.3%, at $47,026.
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