Nasdaq drops 1% at open in cautious start to Fed meeting week

The S&P 500 and the Nasdaq opened lower on Monday, as caution set in on Wall Street ahead of the Federal Reserve's pivotal monetary policy decision, due later in the week, with a majority of traders pricing in a steep cut in borrowing costs.

The Dow Jones Industrial Average rose 41.4 points, or 0.10%, at the open to 41,435.17. The S&P 500 fell 10.8 points, or 0.19%, at the open to 5,615.21, while the Nasdaq Composite dropped 1.11%, to 17,488.53 at the opening bell.