The US markets ended mostly in red on Tuesday as traders seemed reluctant to make significant moves ahead of the Federal Reserve's (Fed) monetary policy announcement. While the Fed is widely expected to lower interest rates by another 25-basis point, investors remained nervous about the longer-term outlook for rates. They are likely to pay close attention to the wording of the Fed's accompanying statement as well as Fed Chair Jerome Powell's post-meeting press conference for clues about the likelihood of further rate cuts. Meanwhile, the Labor Department released a report showing that job openings in the U.S. edged slightly higher in the month of October. The Labor Department said job openings crept up to 7.670 million in October from 7.658 million in September. However, the data is unlikely to prevent the Fed from following through with a rate cut later this week.
On sectoral front, gold stocks moved sharply higher amid an increase by the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 3.4 percent. Oil service and brokerage stocks also saw some strength on the day, while housing and pharmaceutical stocks moved to the downside.
Dow Jones Industrial Average fell 179.03 points or 0.38 percent to 47,560.29 and S&P 500 edged down 6.00 points or 0.09 percent to 6,840.51, while Nasdaq inched up 30.58 points or 0.13 percent to 23,576,49.
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