Stocks Opened Lower before Fed Decision

U.S.stocks opened lower on Wednesday as investors awaited another batch of corporate earnings results and the Federal Open Market Committee’s January monetary policy decision. The Dow Jones Industrial Average lately fell 361.39 points, or 1.17%, to 30,575.65. The S&P 500was down 55.75 points, or 1.45%, to 3,793.87. The Nasdaq Composite shed 213.39 points, or 1.57%, to 13,412.67.

Oil futures edged lower Wednesday as investors tracked COVID-19 cases and awaited official data on U.S. crude inventories after an industry trade group reported a fall in supplies. West Texas Intermediate crude for March delivery fell 15 cents, or 0.3%, to $52.46 a barrel. March Brent crude was off 5 cents, or 0.1%, at $55.86 a barrel.

The FOMC will release its statement at 2 p.m. ET on Wednesday, with Federal Reserve Chair Jerome Powell set to deliver a press conference shortly thereafter.