WALL ST SLIDES AS TREASURY YIELDS FIRMS AHEAD OF FED POLICY MEET
Wall Street's main indexes dropped on Tuesday with the Nasdaq and the S&P 500 hitting more than three-week lows as Treasury yields firmed ahead of the Federal Reserve's policy meeting. Investors also awaited Instacart's market debut, with the grocery delivery app's shares last indicated to open at $42, well above the IPO price of $30 apiece, after parent Maplebear Inc secured a fully diluted valuation of $9.9 billion on Monday.
Higher yields weighed on major growth stocks such as Amazon (AMZN.O), Nvidia (NVDA.O) and Microsoft (MSFT.O), down between 0.8% and 2.7%, while Consumer discretionary (.SPLRCD) and communication services (.SPLRCL) led declines in major S&P 500 sector indexes. Investors were focused on the two-day Fed meeting that starts later in the day, with the central bank expected to hold benchmark interest rate at the current 5.25%-5.50% range on Wednesday.
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