Dow drops over 400 points shortly after opening

Xinhua
28 Jan 2021, 02:05 GMT+10

NEW YORK, Jan. 27 (Xinhua) -- U.S. stocks opened noticeably lower on Wednesday as investors sifted through some earnings reports and awaited a policy update from the Federal Reserve.

Shortly after the opening bell, the Dow Jones Industrial Average tumbled 426.12 points, or 1.38 percent, to 30,510.92. The S&P 500 was down 58.28 points, or 1.52 percent, to 3,791.24. The Nasdaq Composite Index dropped 266.02 points, or 1.95 percent, to 13,360.05.

Nine of the 11 primary S&P 500 sectors pulled back, with materials down 3.32 percent, leading the laggards. Consumer staples and real estate climbed 0.3 percent and 0.02 percent, respectively, the only two gaining groups.

Boeing shares fell more than 4 percent after the company posted a much wider-than-expected fourth quarter loss.

Shares of Microsoft were up slightly after its results topped analyst expectations.

U.S. tech giants Apple, Facebook and Tesla are set to report earnings after the closing bell.

Investors will also focus on the Fed's latest interest rate decision to be announced Wednesday afternoon. The U.S. central bank is expected to commit to its accommodative policy stance to support the U.S. economy.

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