Stock Market Today: Wall Street Waits for Federal Reserve Announcement on Interest Rates

The Federal Reserve’s decision to keep interest rates at their highest level since 2001 has left U.S. stocks relatively steady. The S&P 500 was down slightly, the Dow Jones Industrial Average was up, and the Nasdaq composite was flat. Traders had already lowered their expectations for rate cuts this year due to stubbornly high inflation.

Despite the Fed’s decision, Treasury yields eased after the announcement, providing some stability in the bond market. The market now awaits Federal Reserve Chair Jerome Powell’s press conference for guidance on potential rate cuts later this year.

Companies like CVS Health, Starbucks, and Super Micro Computer saw significant drops in their stock prices after reporting weaker-than-expected results. However, Amazon reported stronger profits, and DuPont saw an increase in stock value after reporting better-than-expected profits.

In the bond market, Treasury yields eased following weaker-than-expected reports on the economy, including a contraction in the U.S. manufacturing sector and slightly fewer job openings at the end of March.

Overall, the stock market remains relatively stable despite the Fed’s decision, with investors looking for guidance on future rate cuts and economic trends.