Markets Fall at Midday as Fed Meeting Kicks Off

U.S. equities were down at midday as the Fed kicked off its two-day policy meeting, with a decision on interest rates expected on Wednesday. The 10-year Treasury yield rose to its highest level in almost 16 years. The Dow, S&P 500, and Nasdaq were all lower.??

Walt Disney (DIS) was one of the worst-performing stocks on the S&P 500 as shares dropped after the entertainment giant announced it would spend $60 billion to expand its theme parks and cruises.

Deere & Company (DE) shares also slumped after Evercore ISI downgraded the stock and cut the price target, pointing to concerns about reductions in agricultural production. Shares of Amazon (AMZN) declined as Mastercard predicted this year’s holiday sales would be less than half of sales in 2022.

Cboe Global Markets (CBOE) shares hit an all-time high as the exchange operator picked board member Fredric Tomczyk to be CEO after former head Edward Tilly resigned because of personal relationships with colleagues.

Shares of Royal Caribbean Group (RCL) jumped as Truist upgraded the stock and boosted the price target, noting positive trends for the cruising sector. Shares of Enphase Energy (ENPH) and other solar power companies gained as oil futures continued their rally amid supply concerns.

Gold prices advanced. The U.S. dollar gained on the euro and yen, but fell to the pound. Most major cryptocurrencies traded higher.