The Federal Reserve issued a quarter-point rate hike
In a widely expected move, the Federal Reserve issued a 0.25 percent interest rate hike today, signaling a slowdown in the central bank's hawkish campaign. This is the Fed's smallest such raise following eight-straight hikes, though it said it expects "ongoing" increases. In a follow-up press conference, Fed Chair Jerome Powell said to expect restrictive measures going forward. After falling this afternoon, the Dow closed just above breakeven, while the S&P 500 and Nasdaq also rose, with the latter securing a triple-digit win.
Continue reading for more on today's market, including:
- Fresh highs in sight for this retail stock.
- Mixed signals fail to slow down chip stock.
- Plus, more on the January Barometer; Foot Locker's analyst note; and unpacking Snap's earnings.
5 Things to Know Today
- FedEx (FDX) plans to lay off 10% of its officers and directors in an effort to cut costs as consumer demand cools. (CNBC)
- The drama surrounding Gautam Adani's flagship firm continues, with the company calling off a $2.5 billion share sale in a stunning setback. (Reuters)
- What happens when the January Barometer faces pessimism?
- Credit Suisse weighs in on Foot Locker stock.
- Options traders and analysts hit Snap stock after earnings.
Oil Falls Sharply on Supply Increases
The price of oil plunged on Wednesday, after the Energy Information Administration saw U.S. crude supplies climb by 4.1 million barrels -- its sixth-straight week of increases. In addition, gasoline and distillate stockpiles also gained for the week. For the session, March-dated crude fell $2.46, or roughly 3.1%, to settle at $76.41 per barrel.
The Fed's interest rate hike weighed on gold today, with bullion settling slightly lower on the session. April-dated gold shed $2.50, or 0.1%, to settle at $1,942.80 per ounce for the day.