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  • Wall Street’s main indexes opened deep in the red on Tuesday.
  • S&P 500 Energy Index drops nearly 4% in early trade.

Following a seven-day winning streak, major equity indexes in the US opened sharply lower on Tuesday as the risk rally seems to have lost its stream ahead of Wednesday’s FOMC announcements. Reflecting the sour market mood, the CBOE Volatility Index, Wall Street’s fear gauge, is at its highest level in a week at 26.60, up 3.15% on a daily basis.

As of writing, the S&P 500 was losing 1% on the day at 3,198 points, the Dow Jones Industrial Average and the Nasdaq Composite were losing 1.2% and 0.47%, respectively.

Energy stocks stage overdue correction

Among the 11-major S&P 500 sectors, the Energy Index, which was the best performer during last week’s upsurge, was down 3.9% on the day as the top-decliner. On the other hand, the Healthcare Index is staying relatively resilient and remains flat on the day. 

There won’t be any significant macroeconomic data releases in the remainder of the day and investors will be waiting for the Federal Reserve to release its monetary policy statement. 

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