US stocks drop ahead of Fed policy decision

FXStreet (Mumbai) - Wall Street is suffering losses in the early session as investors await fed policy decision and any guidance on when the central bank plans to begin policy normalization.

At the time of writing, the S&P 500 was down 5.5 points to 2,068.70, while the DJIA was down 72.08 points to 17,777. The Nasdaq was down 10.01 points to 4927.43.

Among stocks, Coca-Cola is a major loser, down 1.18%, followed by a 1% fall in Wal-Mart Stores. On the other hand, shares in Caterpillar have gained 0.61%, followed by a 0.25% gain in Microsoft. Intel is the most actively traded stock so far.

Trading is likely to remain subdued ahead of the all important Fed policy statement. The Fed today is widely expected to remove a pledge to be “patient” post which forecasts are for the Fed to lift rates either in June or September.