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U.S. Stocks Open Mixed as Investors Wait on Fed Decision -Breaking


© Reuters.

By Liz Moyer — U.S. stock opened mixed Tuesday morning as the flood of earnings continued. Investors are anticipating a half point increase in Federal Reserve rates.

The index rose by 80 points or 0.2% at 9:32 am ET. Meanwhile, the rose 0.1%, and the dropped 0.2%.

Pfizer Inc shares dropped 0.4% early trading, after the pharmaceutical company maintained its forecasts for Covid-19 sales. Cosmetics company Estee Lauder Companies Inc (NYSE:) fell 7% after it cut its full-year profit guidance because of China lockdowns and Russia’s war in Ukraine.

The Fed’s two-day meeting, which begins today, is expected to result in a bigger interest hike than the typical quarter-point move as the central bank tries to contain inflation. The April jobs report will provide another insight into the economic health later in the week.

Oil dipped modestly ahead of this week’s meeting of the Organization of the Petroleum Exporting Countries and its allies including Russia. The U.S. benchmark for oil fell 1.3% on $103.77 while the international standard was 1.3% lower at $106.12. 

Flat at $1,864 per ounce