Dow futures fall 160 points after another wild ride on Wall Street, Fed meeting in focus

cnbc.com:

Stock futures fell Tuesday night, following another wild session for the market.

Dow Jones Industrial Average futures dropped 168 points, or 0.5%. S&P 500 futures slid 0.7%, and Nasdaq 100 futures were off by 1.1%.

Microsoft shares dropped more than 4% in after-hours trading, after the company's latest quarterly report showed moderating revenue growth for its Azure cloud business. Microsoft posted quarterly earnings and revenue that beat analyst expectations, however.

The Dow ended the regular trading day down 66 points, or 0.2%. However, the 30-stock average was down as much as 818.98 points on the session and briefly traded up by as much as 226.54 points. Those moves came a day after the Dow recovered from a 1,115-point deficit to post a slight gain.

The S&P 500 and Nasdaq Composite also closed well off their session lows on Tuesday, but still lost 1.2% and 2.3%, respectively.

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Anu Gaggar, global investment strategist at Commonwealth Financial Network, said she thinks this sharp volatility is a byproduct of investors bracing for tighter monetary policy from the Federal Reserve.

«The market is exhibiting withdrawal symptoms as it is dealing with the possibility of the removal of the Fed put,» Gaggar said. «It almost feels like the market is behaving a little incoherently, not knowing which way to go – go down because the Fed is tightening or go up because the Fed is finally acting to rein in inflation and is loading up on ammunitions while