US stocks open lower before Fed's key interest rate decision

ISTANBUL

US stocks opened lower Wednesday before the Federal Reserve's key interest rate decision amid turmoil in the American banking industry.

While the Fed will announce its decision at 2 p.m. EDT, the probability of a rate hike of 25 basis points stood at almost 88%, according to the FedWatch Tool provided by the US-based global markets company the Chicago Mercantile Exchange Group.

The Dow fell 33 points, or 0.1%, to 32,526 at 9.44 a.m. EDT. The S&P 500 lost almost 6 points, or 0.15%, to 3,995.

The tech-heavy Nasdaq declined 26 points, or 0.22%, to 11,834.

The VIX volatility index, also known as the fear index, fell 2.6% to 20.83, while the 10-year US Treasury yield was flat at 3.606%.

The dollar index fell 0.1% to 103.12, while the euro added 0.1% to $1.0777 against the greenback.

Precious metals were flat with the price of gold unchanged at $1,940 per ounce and silver trimmed 0.1% to $22.37.

Oil prices fell around 0.1%, with global benchmark Brent crude at $75.30 per barrel and US benchmark West Texas Intermediate crude at $69.58.