New York stocks declined on Tuesday morning as investors turned their sights to the Federal Reserve’s upcoming policy decision as well as Instacart’s impending initial public offering (IPO) on the Nasdaq Composite Index. The S&P 500 as well as the Dow Jones Industrial Average declined by 0.2%, while the Nasdaq Composite sank by over 0.4%.
With the Federal Reserve set to hold discussions over Tuesday and Wednesday, investors are now pricing a 99% chance that the Fed will hold interest rates steady, according to the CME FedWatch Tool. In addition, investors will be on the lookout for hints on potential future moves, particularly during Jerome Powell’s address.
Instacart’s IPO is also on investors’ radars. The online grocery shopping platform is set to start trading under the ticker CART on the Nasdaqp during Tuesday morning’s session. The company has set a price of $30 per share, valuing its IPO at roughly $10 billion.
