Wall Street tumbles at close as Fed call looms

Stock exchanges on Wall Street closed Tuesday’s trading session with significant losses as investors braced for the Federal Reserve’s interest rate decision which will announced tomorrow.

The negative sentiment was fueled by data that showed that consumer sentiment in the United States fell to its lowest level since July 2022, seemingly raising concern about the country’s economic stability with no Fed rate cut in sight. After the closing bell, Amazon, AMD, Mondelez, Pinterest, and Starbucks will post their quarterly earnings.

The Dow Jones Industrial Average sank 1.49% or 570 points. Caterpillar Inc. was its worst performer, falling by 4.35%. The Nasdaq 100 plunged 1.92% and the S&P 500 dropped 1.57% with GE Health Care Technologies Inc. plummeting 14.28%.

The euro slipped 0.42% against the dollar, trading at 1.06755.