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Wall Street Stocks Market ٖFell Ahead of Fed Meeting

The Wall Street Stocks Market Dow lost 100 points on Wednesday, while the S&P 500 and Nasdaq fell over 0.5% each as investors digested another strong job report while refraining from placing big bets ahead of the Federal Reserve rate decision.

ADP payrolls rose by a more-than-expected 239k in October in Wall street Stocks, the most in three months, compared to market forecasts of 195K.

The upbeat report followed stronger-than-forecasted JOLTs Job Openings figures on Tuesday, signaling that the job market remains tight while reinforcing the case for the Federal Reserve to stay with its aggressive tightening campaign.

All eyes are now on the Federal Reserve monetary policy announcement later today, with markets pricing in a 75 bps interest rate hike and hoping that Chair Jerome Powell will hint at a relaxation of monetary tightening.

On the corporate side, AMD jumped 4% after it predicted some resilience in its data center business, while Airbnb fell over 8% on a gloomy holiday-quarter revenue forecast.

While The Canadian Stocks S&P/TSX Composite index was slightly lower to trade below the 19,500 mark on Wednesday, edging down from the six-week high touched in the prior session as investors refrained from taking large positions ahead of the Federal Reserve’s monetary policy decision this afternoon.

Domestically, Bank of Canada Governor Macklem said on Tuesday that despite the slower rate hike last week, the BoC has not ruled out another aggressive interest rate increase should inflation surprise to the upside.

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