US stocks open lower before Fed's key interest rate decision

By Ovunc Kutlu

ISTANBUL (AA) - US stocks opened lower Wednesday before the Federal Reserve's key interest rate decision amid turmoil in the American banking industry.

While the Fed will announce its decision at 2 p.m. EDT, the probability of a rate hike of 25 basis points stood at almost 88%, according to the FedWatch Tool provided by the US-based global markets company the Chicago Mercantile Exchange Group.

The Dow fell 33 points, or 0.1%, to 32,526 at 9.44 a.m. EDT. The S&P 500 lost almost 6 points, or 0.15%, to 3,995.

The tech-heavy Nasdaq declined 26 points, or 0.22%, to 11,834.

The VIX volatility index, also known as the fear index, fell 2.6% to 20.83, while the 10-year US Treasury yield was flat at 3.606%.

The dollar index fell 0.1% to 103.12, while the euro added 0.1% to $1.0777 against the greenback.

Precious metals were flat with the price of gold unchanged at $1,940 per ounce and silver trimmed 0.1% to $22.37.

Oil prices fell around 0.1%, with global benchmark Brent crude at $75.30 per barrel and US benchmark West Texas Intermediate crude at $69.58.