(Reuters) – The New York Stock Exchange opened slightly lower as caution remained in order ahead of the Federal Reserve (Fed) rate decision and amid uncertainty over U.S. debt ceiling talks .

In early trading, the Dow Jones index lost 77.26 points, or 0.23%, to 33,974.44 points and the broader Standard & Poor’s 500 fell 0.23% to 4,158.13 points.

The Nasdaq Composite lost 0.14%, or 16.51 points, to 12,196.09 points.

The cost of insuring against a U.S. default hit new heights on Tuesday when U.S. Treasury Secretary Janet Yellen said the government could run out of money within a month, sending then prompted President Joe Biden to summon four senior congressional officials to the White House next week.

Investors are also cautious ahead of the Fed’s decision on Wednesday, when the U.S. central bank, which begins its two-day meeting on Tuesday, is expected to announce a 25 basis point interest rate hike as inflation still tops well within the 2% target while the labor market remains solid.

Economists polled by Reuters, however, expect this to be the ultimate lift in this cycle due to fears of an economic slowdown and recent strains in the banking sector.

Against this cautious backdrop, eyes will be on the latest “Jolts” job openings survey and US factory orders figures, both due at 14:00 GMT.

In values, the results of large companies are again in the spotlight.

Pfizer, which beat analysts’ expectations for first-quarter earnings on Tuesday, gained 1.1% at the opening.

The American giant of ride-hailing services Uber advanced 5.7%, the group having said that it expected quarterly profit above estimates, after results above expectations for the period January-March.

Hotel operator Marriott, which on Tuesday upgraded its profit forecast for the full year, gained 4.2%

Educational services company Chegg fell 48.4% following a lower revenue forecast for the second quarter, due to increased competition from ChatGPT.

(Written by Diana Mandiá, edited by Matthieu Protard)

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