At the start of the trading on Thursday, Wall Street stocks started to droop, wearing away the gains attained from the previous day’s post election relief rally. Even the shareholders were waiting for the US Federal Reserve’s latest conclusion on monetary policy which was scheduled to be announced at 1900 GMT.
The central bank is not supposed to raise interest rates; however markets are looking out for hints about the pace of tightening the grip next year. After 10 minutes into the day’s trading, the Benchmark Aavergae Dow Jones Industrial became 26,183.86.
The broader S&P dropped by 0.2% lower to 2809.51 and the tech savvy Nasdaq went down further to 7533.57.
Wall Street increased by 2% on Wednesday as shareholders got preoccupied in the split decision from this week’s elections. Analysts feel that there might be little hopes of huge coming back of business-friendly tax cuts and rules.
Attention is now returning to economic fundamentals, which includes providing higher lending rates.
Qualcomm dropped by 7.8% after cutting down its first-quarter earnings guidance on Wednesday. Shareholders are also looking forward for quarterly earnings from Disney since the close of trading.