US stocks start November lower as Fed decision looms

By Ovunc Kutlu

ANKARA (AA) - US stocks closed lower Tuesday to begin November on a weak note as investors await a key decision on rate hikes by the Federal Reserve.

The Dow was down 79 points, or 0.24%, to finish at 32,667. The S&P 500 lost 16 points, or 0.41%, to 3,856.

The Nasdaq was off 97 points, or 0.89%, to end the day at 10,890.

The Fed's two-day meeting began Tuesday with investors hoping to see the central bank adopt a more dovish tone after the meeting concludes Wednesday.

The VIX volatility index, also known as the fear index, was down 0.3% to 25.81. The 10-year US Treasury yield fell 0.6% to 4.050%.

The dollar index was flat at 111.55, still around its highest in 20 years, while the euro fell 0.1% to $0.9875 against the greenback.

Precious metals were on the rise, with gold adding 0.8% to $1,646 and silver increasing 2.3% to $19.61.

Oil prices increased around 2%. Global oil benchmark Brent crude was trading at $94.50 per barrel, up 1.8%. US benchmark West Texas Intermediate was around $88.28 -- up 2.1%.