Dow Falls More Than 500 Points

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Stock Market Today: Dow Falls More Than 500 Points as Fed Day Looms; Uber Jumps Following Results

Indexes slide as investors look ahead to Wednesday's rate decision from the Federal Reserve

Last Updated: May. 2, 2023 at 11:21 AM EDT

Stocks fell Tuesday, alongside Treasury yields, with the Dow off more than 500 points and all of the S&P 500's sectors drooping.

Benchmarks had held fairly steady Monday, even as the failure of First Republic Bank knocked regional lenders and buoyed JPMorgan, which is picking up most of the pieces.

Uber is racing higher. Corporate heavyweights including Ford and Starbucks are due to report later. But that's a sideshow compared to Wednesday, when the latest Federal Reserve decision is due.

What we're reading:

Yellen Says U.S. Risks June Default Without Debt Ceiling Increase

Jamie Dimon Wins Again in First Republic Deal

Australia, Spooked by Inflation, Resumes Raising Interest Rates

HSBC Profit Surges in First Quarter

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DJIA

DJIA (Dow Jones Global)

33483.63-568.07-1.67%

Nasdaq

COMP (Nasdaq)

12033.54-179.06-1.47%

S&P 500

SPX (S&P US)

4096.15-71.72-1.72%

Uber Technologies Inc.

UBER (U.S.: NYSE)

$35.45 USD2.718.26%

Latest Updates

12 min ago

Bond Yields Sink, Investors Boost Bet on Fed Cuts

Eric Wallerstein hedcut

By

Eric Wallerstein

, Reporter

Bond yields are plummeting on Tuesday.

Investors are betting the Federal Reserve may not be able to tighten too much if they're worried at all about the banking sector, which continues to look shaky Tuesday. Shares of regional lenders PacWest and Western Alliance were halted as both stocks plunged.

27 min ago

Options Traders Place Bets Against PacWest's Shares

Eric Wallerstein hedcut

By

Eric Wallerstein

, Reporter

Shares of PacWest have been halted several times for volatility Tuesday morning, plummeting some 30%.

More than 50,000 bearish put options contracts tied to the stock changed hands before 11 a.m. E.T., Cboedata show, already the second highest daily sum on record. The previous high, of nearly 126,000, contracts was set on Monday.

Updated 40 min ago

Dow Slips With Wednesday's Fed Decision in Focus

By

Anna Hirtenstein

and

Matt Grossman

Stocks and Treasury yields sank as investors looked ahead to Wednesday's Federal Reserve decision a day after First Republic's failure and sale to JPMorgan.

Most investors expect the Fed to raise interest rates again on Wednesday, but are unsure about whether this week's hike will be the last one for the foreseeable future.

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