U.S. stocks retreat further ahead of Fed; what people expect to hear

Dow down ~1.7%, Nasdaq down ~1.2%, S&P 500 off ~1%.

Industrials weakest S&P 500 sector; Energy leads gainers.

Dollar edges up; U.S. crude rallies >6%; gold, bitcoin dip.

U.S. 10-year Treasury yield rises to ~4.65%.

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US STOCKS RETREAT FURTHER AHEAD OF FED; WHAT PEOPLE EXPECT TO HEAR

Market watchers are anxious to hear from the Federal Reserve this afternoon given worries about high inflation and uncertainty surrounding the views of U.S. central bank chief Kevin Warsh, who just took over in May. U.S. stocks are sharply lower in midday trading Wednesday and major indexes have added to losses since the opening bell. The Dow .DJI and Nasdaq .IXIC are both down more than 1%.