Abbott executives and shareholders reach settlement over infant formula lawsuit

On the day of the Federal Reserve's policy statement release, the S&P 500 index preliminarily closed down 1.3%. Consumer discretionary and consumer staples sectors fell more than 2.3%, materials sector dropped 2.1%, while financials, technology, and telecommunications sectors each declined at least 1.1%. The energy sector performed best, with a slight drop of less than 0.1%.

US short-term interest rate futures show that traders' confidence in the Federal Reserve cutting rates this year is gradually weakening.

Chicago soybean meal futures up 3.2%, corn and wheat up as much as 2.7%

Analyst: Economic outlook summary and statement are slightly dovish