US equities slide as Fed’s meeting begins

US stocks slid on Tuesday as the Fed kicked off its two-day policy meeting and Wall Street looked ahead to another large rate hike, to be announced on Wednesday.

The Dow Jones Industrial Average fell 340 points, or 1.1%. The S&P 500 shed 1% and the Nasdaq Composite slid 0.7%.

The Federal Open Markets Committee begins its September meeting on Tuesday, where monetary policymakers are expected to announce a 0.75 percentage point rate hike on Wednesday.

Stocks retreated during recent weeks as comments from Fed Chair Jerome Powell and an unexpectedly hot August consumer price index report caused traders to prepare for even higher rates until inflation cools.


Ford shares lost 9% after the automaker announced that supply chain issues would cost the automaker an extra $1 billion in the third quarter.