NEW YORK, Sept 19 — Wall Street’s main indexes slipped today ahead of the Federal Reserve’s policy meeting, with investors awaiting grocery delivery app Instacart’s Nasdaq debut to assess a potential recovery in the IPO market.
Arm and Instacart could drive others to go public, though it is still a difficult environment for IPOs with interest rates high and the economy slowing, said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield. A rise in US Treasury yields weighed on some growth stocks, with Amazon, Nvidia and Microsoft down between 0.5 per cent and 2.0 per cent.
Further piling on price pressures, Canada’s annual inflation rate in August jumped in July as gasoline prices rose. Traders have fully priced in a pause by the Fed tomorrow, while chances of interest rates remaining unchanged in November stood at 74 per cent, according to CME’s FedWatch tool. CVS Health Corp gained 1.9 per cent after Evercore ISI upgraded the US pharmacy chain to “outperform” from “in line”.
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