U.S. stocks open modestly lower as investors await Fed decision

U.S. stocks opened modestly lower on Wednesday as investors digested stronger-than-expected private payrolls data while waiting to hear from Federal Reserve Chairman Jerome Powell. The S&P 500
SPX,
-0.50%
opened 8 points, or 0.2%, lower at 3,847. The Dow Jones Industrial Average
DJIA,
-0.35%
fell 102 points, or 0.3%, to 32,550. The Nasdaq Composite
COMP,
-0.58%
slipped 13 points, or 0.1%, to 10,876. Data released early Wednesday showed U.S. private payrolls rose by 239,000 in October, surpassing the 195,000 gain anticipated by economists polled by the Wall Street Journal. In the afternoon, the Fed is expected to deliver a fourth consecutive 75 basis point interest-rate hike. But investors will be paying close attention to any hints about the size of future hikes as the central bank has signaled the possibility of down-shifting to a 50 basis-point hike in December. If stocks finish lower on Wednesday, it would mark the third session in the red for the major indexes.