U.S. stocks opened lower on Monday as traders took profits ahead of a meeting of the Federal Reserve where the central bank is expected to hike interest rates by 25 basis points. The S&P 500 SPX, -0.23% fell by 23 points, or 0.6%, to 4,048. The Nasdaq Composite COMP, -0.70% shed 103 points, or 0.9%, to 11,518. The Dow Jones Industrial Average DJIA, +0.20% retreated by 75 points, or 0.2%, to 33,903.
Stocks have risen sharply in January, paring last year’s losses, but investors are anxious to see whether Fed Chairman Jerome Powell will undermine the rally with hawkish commentary on Wednesday, like he did in August. What’s more, investors are gearing up for the busiest week of earnings season this quarter, with 35% of S&P 500 companies set to release quarterly results this week, according to data from Bank of America Global Research.
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