US stock market opens lower before critical Fed meeting

By Ovunc Kutlu

ANKARA (AA) - US stocks opened lower Wednesday, before the conclusion of a Federal Reserve's critical meeting.

The Dow Jones industrial average was down 41 points, or 0.12%, to 35,502 at 9.35 a.m. EDT. The S&P 500 was flat at 4,633.

The Nasdaq was off 5 points, or 0.01%, to 15,230.

The VIX volatility index, known as the fear index, was up slightly, adding 1.5% to 22.22.

The dollar index was flat at 96.55, but the yield on 10-year US Treasury notes rose 2.3% to 1.472%.

Precious metals were down for a second consecutive day, with gold shedding 0.3% to $1,765 per ounce and silver falling 1.3% to $21.66.

Crude prices fell around 1% with Brent crude trading at $72.93 per barrel and US benchmark West Texas Intermediate at $69.86.

The Fed is anticipated to signal three rate hikes for 2022 and increase the pace of tapering, the process known as reducing its asset purchases, after its two-day meeting later Wednesday.