World shares fell on Wednesday and the US dollar eased off three-week highs as market participants awaited a likely increase in USA interest rates and guidance on how many more to expect for this year.
That has left investors on edge as the Federal Reserve prepares to raise USA rates for the first time this year after a two-day policy meeting.
The market believes the Fed is set to raise interest rates on Wednesday as Thomson Reuters data shows traders expect a quarter-point hike to be a certainty.
Facebook shares tumbled 7.1%, its worst drop in almost four years, after both U.S. and European lawmakers called upon its chief executive Mark Zuckerberg to explain how Cambridge Analytica, a consultancy that worked on President Donald Trump's election campaign, gained access to data on 50 million Facebook users.
The broader index S&P 500 added 0.15% to its value to 2,716.99 points, driven by the energy sector.
Fed orders quarter-point rate hike at first meeting under Powell
The average rate on a five-year Treasury-indexed adjustable-rate mortgages is now about 3.67 percent, according to Freddie Mac. Some hints may come when Powell and members of the Federal Open Market Committee release their revised economic forecasts.
"It's a general pullback in risk and technology tends to have a higher impact on the market".
The WSJ report fuelled some buying of German bonds, pushing the 10-year yield off the day's highs.
The Fed raised interest rates and forecast at least two more hikes for 2018, signaling growing confidence that USA tax cuts and government spending will boost the economy and inflation and lead to more aggressive future tightening.
Stocks have struggled this year while bond yield have moved higher.
The Dow Jones Industrial Average .DJI fell 44.96 points, or 0.18 percent, to end at 24,682.31, the S&P 500 .SPX lost 5.01 points, or 0.18 percent, to 2,711.93 and the Nasdaq Composite .IXIC dropped 19.02 points, or 0.26 percent, to 7,345.29.
Federal Bureau of Investigation asks Austin bomber to contact law enforcement
A reward of $115,000 has been offered for information leading to the arrest and conviction of the person or persons responsible. The three previous bombings happened two-plus weeks in residential neighborhoods east of Interstate 35, which divides the city.
"So far, we have seen low-level (trade) skirmishes, which are not material enough to affect the world economy", said Andrew Milligan, head of global strategy at Aberdeen Standard Investments.
Shares of Twitter plunged, down 10.3 percent as of 2.22pm in NY, amid concern about increased scrutiny of social media companies and a Bloomberg report that Israel's government is considering taking "legal action" against Twitter for ignoring repeated requests to remove online content that was inciting or supportive of terrorism.
The world's financial leaders were seeking to clearly endorse free trade and renounce protectionism amid concern that US tariffs on steel and aluminum and looming actions against China could trigger a trade war that would hurt global growth.
The US central bank has raised borrowing costs five times since late 2015.
Crude oil prices jumped more than 2 percent to $63 per barrel. Its shares were down 1.5 percent in premarket trading, on track for its third day of losses amid uproar over the alleged misuse of users' data.
Cuomo's Democratic Challenger Is an 'Unqualified Lesbian — Liberal CNN Contributor
She cited a former Cuomo top aide, Joseph Percoco, who was convicted this month on federal bribery and fraud charges. Her video shows her walking her young daughter to school as she talks about being a proud public school parent.