NYSE Closes Mostly Lower Amid Anticipation for Fed Policy Meeting

The New York Stock Exchange (NYSE) closed mostly lower on Tuesday, following a surge by two major indices, namely the S&P 500 and Nasdaq Composite, to new record closing highs.

The Dow Jones Industrial Average closed marginally higher by 3.36 points, or 0.01%, at 33,984.93 points.

The S&P 500 index, lost 0.90 points, or 0.02%, to end the session at the level of 4,186.72 points.

Meanwhile, the Nasdaq Composite Index declined by 48.56 points, or 0.34%, to finish at 14,090.22 points.

Technology stocks showed a mixed performance, amid a surge in the U.S. Treasury bond yields to their highest level in about two weeks, while blue chips such as Microsoft and Alphabet reported positive earnings reports, after trading hours.

The market is also witnessing an improved sentiment about reopening the economy and recovering to pre-pandemic levels, as the Joe Biden administration plans to ease preventive measures, exempting fully vaccinated people from the mandatory mask mandate, allowing them to safely engage in outdoor activities such as walking outside or hiking. On the other hand, wearing masks remains an obligation wherever it is mandatory in public spaces.

On the other hand, Wall Street investors still await the highly anticipated increase in the capital gains tax, which the Biden administration economic advisors say will only affect a fraction of U.S. taxpayers.

The market is also awaiting the outcomes of the two-day policy meeting of the Federal Reserve, which began today. It is expected that the April meeting will see Federal Open Market Committee (FOMC) reiterating commitment to the current policy.

Late on Tuesday, the American Petroleum Institute (API) expected crude oil inventories in the United States had increased by 4.3 million barrels last week, with gasoline stockpiles falling by 1.3 million barrels, and distillate stockpiles declining by 2.4 million barrels.

Earlier, data showed that the S&P CoreLogic Case-Shiller Index rose by 11.9% in February.

Furthermore, Consumer Confidence Index surged in April, maintaining a positive trend after a strong rise last month, as the Conference Board Consumer Confidence Index rose to 121.7 from 109.0 in March.