Market

Fed's Decision to Hold Rates Steady Sends US Stocks Tumbling: A Closer Look

US Markets React to Fed's Rate Decision

Following the Federal Reserve's announcement to maintain interest rates between 4.25% and 4.50%, major US stock indices closed lower on Wednesday. Fed Chair Jerome Powell highlighted the committee's vigilant monitoring of the AI-driven market sell-off, emphasizing no rush to alter the current policy stance.

Earnings Reports on the Horizon

Investors are also turning their attention to upcoming earnings reports from tech giants and other major corporations, including Microsoft, Meta, Tesla, IBM, and Levi Strauss, expected shortly.

Market Performance Overview

The Dow Jones Industrial Average fell by 0.31%, with Nvidia experiencing a significant drop of 4.03%. The Nasdaq 100 decreased by 0.24%, largely due to Datadog Inc.'s 4.06% decline. The S&P 500 also saw a downturn of 0.47%, influenced by Packaging Corp's 9.77% drop.

Currency Movements

In currency news, the euro remained stable against the dollar, trading at 1.04118 at 3:59 pm ET.