US: Market falls ahead Fed rate decision

The US stock market finished session deeply in negative territory on Tuesday, 20 September 2022, amid caution ahead of the U.S. Federal Reserve announcement, with expectation of rates hike of at least another 75 basis points in an effort to curb inflation. A notable drop by shares of Ford also weighed on Wall Street.

At the close of trade, the Dow Jones Industrial Average index declined 313.45 points, or 1.01%, to 30,706.23. The S&P500 index dropped by 43.96 points, or 1.13%, to 3,855.93. The tech-heavy Nasdaq Composite Index fell 109.97 points, or 0.95%, to 11,425.05.

All major sectors of the S&P 500 declined, with real estate sector suffered themost, down 2.6%, meanwhile, materials, industrials, consumer discretionary, financials, healthcare, and communication services issues all falling more than 1%.

 

Shares of Ford declined more than 12% after the auto maker warned inflation-related supplier costs during the third quarter will run about $1.0 billion higher than originally expected.

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