Stocks slipped Tuesday for the second consecutive day as the Federal Reserve’s two-day monetary-policy meeting opened. The central bank is expected to announce a 0.75% rate hike on Wednesday.
The Dow Jones Industrial Average fell 79.75 points, or 0.24%, to close at 32,653.20. The S&P 500 dropped 15.88 points, or 0.41%, to 3,856.10, and the Nasdaq Composite fell 97.30 points, or 0.89%, to 10,890.85.
Job openings surged in September, beating analysts’ forecasts and raising concern the Fed will continue to aggressively raise interest rates to get inflation under control.
A Labor Department report showed 10.72 million job openings in September, exceeding the 9.85 million openings forecast by FactSet and more than 500,000 that were recorded for August.
Some of the stocks that declined included Amazon (AMZN), which closed at $96.79, down $5.65, or 5.52%. Alphabet’s (GOOG) price of shares fell $4.16, or 4.39%, to close at $96.50.
“These days, good news is bad news,” Marco Pirondini, head of equities at Amundi U.S., told the Wall Street Journal. “We probably would prefer to see some slowdown in the economy in order for inflation to start to come down and for the Fed to be able to slow down its actions and rhetoric.”