Nasdaq, S&P 500 slide ahead of Fed decision – Reuters

Nasdaq, S&P 500 slide ahead of Fed decision – Reuters

May 4 (Reuters) - The S&P 500 and the Nasdaq slipped on Wednesday as growth stocks lost ground, while banks gained ahead of a Federal Reserve policy decision expected to result in the biggest interest rate hike since 2000.

Six of the 11 major S&P sectors advanced in early trading, led by energy stocks (.SPNY). Oil prices jumped nearly 4% as the European Union spelled out plans to phase out imports of Russian oil.

Rate-sensitive banking stocks (.SPXBK) rose 0.8%, while megacap stocks such as Amazon.com Inc (AMZN.O), Tesla (TSLA.O) and Nvidia (NVDA.O) fell, weighing on the Nasdaq.