Stocks fall sharply on Wall Street, led lower by tech stocks

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The Wall Street Sign in Manhattan, New York (Photo: Carlos Delgado / CC BY-SA 3.0)

(AP) — Stocks were broadly lower in early trading on Wall Street on Wednesday, as investors focus on the Federal Reserve’s policy meeting and the outlook for the economy as the coronavirus pandemic rages on.

The S&P 500 was down 1.5% in early trading, dragged lower by technology stocks like Amazon and Facebook as well as energy stocks.

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The Dow Jones Industrial Average was also down 1.5%, while the Nasdaq composite lost 1.1%. It’s the busiest week of the quarterly earnings reporting season for U.S. companies.

Apple and Facebook will report their quarterly results after Wednesday’s closing bell.