Update: Equities Fall Intraday Ahead of Fed Minutes

MT newswire2026/10/07 17:36

01:36 PM EDT, 10/07/2026 (MT Newswires) -- (Updates with latest market prices and developments.) US benchmark equity indexes were lower intraday ahead of the Federal Reserve's meeting minutes. The Dow Jones Industrial Average declined 0.6% to 51,189.5 after midday Wednesday. The Nasdaq Composite fell 0.5% to 27,469.4 while the S&P 500 dropped 0.3% at 7,794.7. Both the Nasdaq and the S&P 500 hit a closing record on Tuesday. Healthcare and consumer staples advanced, while all other sectors fell. The Fed is scheduled to post minutes of its September policy meeting at 2 pm ET, which will be assessed for fresh insights into the central bank's monetary policy trajectory. At that meeting, the central bank raised interest rates by 25 basis points, its first hike in just over three years, to combat inflation that has run above its 2% target for years. The minutes "will extend the hawkish tone that was conveyed at that meeting but are likely to be stale on arrival and should therefore probably be downplayed," Scotiabank Head of Capital Markets Economics Derek Holt said. "Data since that meeting has been less supportive of further tightening." Markets are pricing in an 81% probability that the central bank will keep its benchmark rate steady later this month, according to the CME FedWatch tool. The 10-year US Treasury yield was up 1.1 basis points at 5.28%, having hit the highest since 2002 earlier in the day. The two-year rate slipped nearly 1 basis point to 4.78%. Brent crude oil was down 0.3% to $100.83 a barrel intraday Wednesday, while West Texas Intermediate dropped 0.7% to $88.82. Shares of healthcare giants Johnson & Johnson (JNJ) and Merck (MRK) were among the top gainers on the Dow, up 2% and 0.9%, respectively. UnitedHealth Group (UNH) shares were also advancing. Amgen (AMGN) shares were up 2.8%, the top gainer on Dow. Constellation Brands (STZ) reiterated its full-year adjusted profit outlook late Tuesday and reported an unexpected year-over-year increase in fiscal second-quarter earnings. Shares of the company

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