Wall Street opens lower ahead of FOMC minutes

Wednesday, 17. August 2022 15:30

Major stocks on Wall Street opened the trading session on Wednesday with significant losses, as market participants awaited minutes from the Federal Reserve’s July meeting that will be released later today, after recent data on the country's inflation revealed a drop from its 40-year record high figure.

The report on the country's mortgage applications indicated a decline in the week ending August 12, while the retail sales in the United States remained unchanged in July. Investors also digested Target Corporation's quarterly earnings published earlier while awaiting Cisco Systems Inc.'s report and data on the country's business inventories.

The Dow Jones Industrial Average plummeted by 250 points or 0.74% at the opening bell, as the Boeing Company dropped by 1.68%. The Nasdaq 100 fell by 0.95%, with Zoom Video Communications Inc. pulling the index down by 4.29%. The S&P 500 decreased by 0.80%, with Jack Henry & Associates Inc. plunging by 7.58%.

The euro was 0.06% lower against the dollar, to change hands to $1.01670 at 9:27 am ET.

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