S&P 500 opens with muted declines ahead of the central bank disclosing its latest economic forecasts
The S&P 500 dropped Wednesday, weighed down by technology shares, as investors awaited the Federal Reserve’s latest economic outlook and any signals on the future of interest rates and bond purchases.
The broad U.S. stock index slid 0.4%, while the tech-heavy Nasdaq Composite fell 1%. The Dow Jones Industrial Average, meanwhile added 0.2%, or about 74 points.
Shares of big tech stocks helped pull indexes lower, with Apple retreating 2%. Economically sensitive sectors like financials and industrials, meanwhile, gained ground.
Federal Reserve officials, who are scheduled to release their latest economic projections at 2 p.m. ET, are likely to say they expect the labor market and inflation to rebound faster than they anticipated in December. The central bank is broadly expected to reaffirm its commitment to ultralow interest rates and bond purchases for now.