Wall Street Drops After Fed Announcement, Ahead of Tech Earnings
Microsoft, Meta, and Tesla released their earnings after the market closed, with their stocks reacting accordingly. Investors now turn their focus to Apple’s quarterly report, set to be published in the next hours.
The three major Wall Street indexes ended Wednesday’s session in the red, with losses accelerating after the Federal Reserve’s first policy decision of the year and ahead of key earnings reports.
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The Dow Jones Industrial Average, which tracks 30 major companies, slipped 0.31% to 44,713.52 points. The S&P 500, which includes 500 large-cap stocks, dropped 0.47% to 6,039.31, while the tech-heavy Nasdaq Composite fell 0.51% to 19,632.32.
Federal Reserve Decision
The Fed unanimously decided to keep interest rates steady at 4.50%-4.25%. During his press conference, Fed Chair Jerome Powell reaffirmed the 2% inflation target but offered no guidance on when rate cuts might resume.
He also noted that it was too early to assess the economic impact of Donald Trump’s policies, emphasizing that the central bank would take its time to evaluate the implications of the administration’s new trade stance.
News and Sector Performance
In earnings news, Starbucks surged 8.14% after posting stronger-than-expected quarterly results, buoyed by efforts to reignite growth under CEO Brian Niccol, who took the helm in September.
Tech stocks weighed on the market, with the Dow Jones seeing broad losses. Nvidia tumbled 4.03%, Boeing fell 2.32%, while Nike stood out with a 2.94% gain.
After the closing bell, Microsoft (-1.09%), Tesla (-2.26%), and Meta (+0.32%) released their earnings. Microsoft extended its losses, Tesla reversed its earlier decline, and Meta edged higher. Meanwhile, Apple (+0.46%) is set to report its earnings tomorrow, keeping investors on edge.
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