Dow falls 400 points as oil prices jump ahead of Fed decision

Tiger Newspress07-29 21:34

Stocks fell on Wednesday, as oil prices spiked ahead of the Federal Reserve’s latest interest rate decision.

The Dow Jones Industrial Average traded 429 points lower, or 0.81%.

Select memory stocks staged a rebound, led by Seagate Technology (STX) surging more than 6% and Western Digital (WDC) climbing over 3%.

Investors are looking ahead to the Federal Reserve’s interest rate decision and subsequent press conference with Chairman Kevin Warsh on Wednesday afternoon. Fed funds futures traders are pricing in a nearly 70% likelihood that the central bank holds rates steady at the current targe range of 3.5% to 3.75%, according to CME’s FedWatch tool.

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