The future of interest rate hikes remains unclear
The Federal Reserve's May meeting minutes revealed the central bank is divided on whether or not to keep hiking interest rates. Officials appeared to lean more dovish than before, but agreed incoming indicators will need to be closely watched before they make a decision.
Meanwhile, House Speaker Kevin McCarthy noted spending caps are still a point of contention for U.S. debt ceiling negotiations. The Dow shed 255 points to log a fourth-straight session in the red, while the S&P 500 and tech-heavy Nasdaq settled lower as well. Elsewhere, the Cboe Volatility Index (VIX) marked its fourth consecutive daily win.
Continue reading for more on today's market, including:
Things to Know Today
- Meta Platforms (META) initiated its third round of layoffs as part of its cost-cutting measures, with 10,000 business group workers expected to lose their jobs. (CNBC)
- Comcast (CMCSA) is launching a live TV streaming service for $20 a month, which includes a free subscription to NBCUniversal’s Peacock. (MarketWatch)
- Surprise quarterly profits pushed Kohl's stock higher.
- Bull notes galore for Urban Outfitters stock after earnings.
- Why Electronic Arts stock's pullback isn't cause for concern.
Oil Pops on Biggest Weekly Inventory Drop of 2023
Oil prices were higher on Wednesday, after the Energy Information Administration (EIA) announced the biggest weekly drop in crude inventories so far this year -- 12.5 million barrels. In turn, July-dated crude added $1.43, or 2%, to close at $74.34 per barrel.
Meanwhile, gold prices marked their third-straight session in the red, as a stronger U.S. dollar erased earlier gains that stemmed from a U.S. debt ceiling gridlock. June-dated gold shed $9.90, or 0.5%, to close at $1,964.60 an ounce -- its lowest level in roughly one week.