US Stock Market Update
On Wednesday, US stocks were mixed as investors waited for the Federal Reserve's decision on interest rates. The Federal Reserve, the central bank of the US, is expected to lower interest rates for the third time in a row. However, investors are preparing for a hawkish cut, which could affect the market.
Stock Market Performance
At 10:45 A.M. Eastern Time, the S&P 500 dropped by 0.1%, while the Dow Jones Industrial Average rose by 0.2%. The Nasdaq Composite fell by 0.4%.
The Dow Jones Industrial Average started the day with a slight increase, rising 13.7 points to 47,573.96. The S&P 500 fell by 7.0 points to 6,833.49, and the Nasdaq Composite dropped by 40.5 points to 23,536.001.
Key Stock Movers
- GE Vernova shares rose by over 15% after the company increased its financial forecast and share buyback authorization.
- Oracle stock fell by 0.4% before its earnings report later on Wednesday.
- Palantir Technologies stock increased by 1.7% after the company announced its artificial intelligence technology would be used by the US Navy as part of a $448 million program.
- GameStop shares dropped by 6.1% after reporting weaker quarterly revenue.
- Cracker Barrel Old Country Store shares fell by 0.3% after fluctuating between gains and losses.
Bond Market Update
In the bond market, the yield on the 10-year Treasury decreased to 4.17% from 4.18% the previous day. The 2-year yield fell to 3.60% from 3.61%.
Gold and Metal Prices
Gold prices fell on Wednesday as investors booked profits before the Federal Reserve's interest rate decision. At 9:48 A.M. ET, spot gold was down by 0.3% at $4,198.28 per ounce. US gold futures for February delivery dropped by 0.2% to $4,227.40 per ounce.
Other metals also experienced a decline, with spot silver falling by 0.2% to $60.56/oz, platinum losing 2.8% to $1,642.30, and palladium dropping by 2.7% to $1,466.21.
Stay tuned for further updates on the US stock market and the Federal Reserve's decision on interest rates.