Major US equity indices opened on a cautious note amid the ongoing US political drama and ahead of the latest FOMC monetary policy meeting minutes.
Uncertainty following the latest legal developments for the two former associates of the US President Donald Trump gave investors a reason to take a brief pause, especially after the recent leg of positive move over the past week or so.
The Trump campaign chairman Paul Manafort was found guilty on eight charges, including tax fraud, and former personal lawyer Michael Cohen pleaded guilty to have violated the campaign-finance law on Trump’s direction.
Adding to this, Traders also seemed to refrain from placing aggressive bets ahead of the planned US-China trade talks, albeit the downside remained cushioned against the backdrop of solid corporate earnings.
Investors now look forward to the release of minutes of the Fed’s August policy meeting, which is expected to reaffirm the central bank’s confidence in the US economy and its commitment to future gradual rate hikes.
During the opening hour of trade, the Dow Jones Industrial Average was down over 25-points to 25,795 and the broader S&P 500 Index lost nearly 5-points to 2,858. Meanwhile, tech-heavy Nasdaq Composite Index slipped around 7-points to 7,852.
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