- US stocks closed mixed on Wednesday, as sliding tech giants eclipsed the Federal Reserve’s commitment to keep monetary support intact for the foreseeable future.
- Central bank policymakers have signaled that near zero interest rates will last until 2023 to support the economic recovery in the United States.
- The tech sector drove the major indices in intraday losses, with mega-caps such as Apple and Facebook leading the crisis.
- Retail sales rose only 0.6% in August, missing economists’ average estimate of 1% and marking a slowdown from growth of 1.2% in July.
- Oil prices have risen following reports of US inventories dropping 9.5 million barrels last week. Crude West Texas Intermediate climbed 5.4%, to $ 40.33 a barrel.
- Watch the main index update live here.
U.S. stocks closed mixed on Wednesday as investors weighed the Federal Reserve’s latest policy move against a slump in the tech sector.
Tech names slowed their turnover on Wednesday after rebounding in recent sessions. Mega-caps, including Apple, Facebook, and Microsoft sank all afternoon and dragged the S&P 500 and Nasdaq composite into intraday losses. The sector experienced intense volatility through September, as investors weighed historically high valuations against strong corporate earnings during the pandemic.
The Federal Open Market Committee chose to keep rates close to zero and keep asset purchases at least at their current pace after their two-day September meeting. Central bank policymakers have also signaled that rates close to zero will last until 2023.
In an update to its forecast, the Fed said it “expects to maintain an accommodative monetary policy” until peak employment is reached and inflation averages 2 % over time, based on a Wednesday. declaration. This position signals investors that a very favorable monetary policy will remain in place well during the US economic recovery.
Here’s where the U.S. indices were at the 4:00 p.m. market close on Wednesday:
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“If there was any doubt about the Fed’s intention to allow the economy to warm up, today’s FOMC meeting put an end to that,” said Seema Shah, chief strategist at Principal Global Investors. “The only question left is how hot is it?”
Investors were also faced with weaker than expected retail sales data. August sales rose only 0.6%, missing economists’ estimates of 1% and falling from the 1.2% growth in July. The reading marked the fourth consecutive increase since spending crater in April, but also showed a slowdown as the economic stimulus dried up last month.
Energy stocks advanced the most during the day, with real estate and industrials stocks also posting strong gains. Technology stocks fell the most in all 11 sectors of the S&P 500, as well as communications services and consumer cyclicals.
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Snowflake cloud data boot more than doubled on its first day of trading on the New York Stock Exchange. The company raised around $ 3.4 billion in its early days, making it the biggest software IPO and the biggest IPO of the year.
Kodak Shares surged after an internal investigation found CEO Jim Continenza’s stock trading when the Trump administration disclosed a $ 765 million loan to the company did not violate company rules.
The DraftKings sports betting platform grew after announce an exclusive offer with the New York Giants to manage online betting, a bookmaker and a virtual lounge on match days.
Nikola reversed an intraday drop and soared after JPMorgan analyst Paul Coster backed the company after a discussion with its management. The title has slipped through recent sessions amid research reports slamming Nikola for misrepresenting his performance and sales. Nikola ruled such reports false, but the statement did little to prevent stocks from falling earlier in the week.
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“The overall message was reassuring: no loss of momentum with existing partners, potential customers, suppliers and employees,” Coster said in a note Wednesday.
Spot gold climbed 1% to $ 1,973.60. The US dollar erased losses and gained slightly, and yields on Treasuries rose after the Fed’s announcement.
Crude oil futures have jumped above $ 40 a barrel after the American Petroleum Institute announced that U.S. inventories fell 9.5 million barrels last week, according to Bloomberg. Crude West Texas Intermediate gained up to 5.4%, to $ 40.33 a barrel. Brent raw, the international standard for oil, climbed 4.5%, to $ 42.37 per barrel, to intraday highs.
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