FOMC Meeting Begins, U.S. Stock Market Frowns, Indexes All Decline

On Tuesday, as investors prepared for the important announcement of the Federal Reserve's FOMC two-day policy meeting, the stock market took a hit. Major indices such as the Dow Jones Industrial Average, the S&P 500 Index, and the Nasdaq Composite Index all fell as expected.

US Stock Market Sees Across-the-Board Decline

The Dow Jones Industrial Average fell by 219 points, a 0.6% drop, marking a significant retreat. Similarly, the S&P 500 Index declined by 0.3%, while the Nasdaq Composite Index slipped by 0.2%. Major stocks like JPMorgan Chase, American Express, and American Express dropped by over 1%. Tech giants Nvidia and Microsoft also saw slight declines, further dragging down the overall market.

FOMC Meeting Focuses on Expected Unchanged Interest Rates

Investors are closely watching the two-day Federal Open Market Committee (FOMC) policy meeting that began on Tuesday. The meeting will conclude on Wednesday with a key interest rate decision, followed by a press conference by Fed Chair Powell. Despite high expectations for the policy announcement, market sentiment indicates that borrowing rates are likely to remain unchanged. According to CME's FedWatch tool, the likelihood of a rate cut at this week's meeting is almost zero.

Upcoming Economic Data Releases

Prior to the Fed's decision, investors are closely monitoring other key economic indicators. On Tuesday, data on small businesses will be released, providing insights into the current economic conditions. Additionally, the US Consumer Price Index (CPI) for May will be released on Wednesday morning.

Cryptocurrency Market Follows Suit with Downtrend

Bitcoin dropped by 3.65%, Ethereum by over 4%, BNB returned to 600, and SOL hesitated around 150.