The central bank's meeting minutes showed inflation hovering above the target number
The S&P 500 logged its third-straight loss while the Dow closed with an 84-point deficit, as traders dug into the Federal Reserve's latest meeting minutes. According to the central bank, inflation is still above the 2% target and the labor market remains "very tight, contributing to continuing upward pressures on wages and prices." Officials did acknowledge the recent streak of optimistic inflation data, but reiterated their hawkish stance to combat rising prices. After waffling between breakeven most of the day, the Nasdaq managed to eke out a small gain, snapping its three-day losing streak.
Continue reading for more on today's market, including:
5 Things to Know Today
- Intel (INTC) just cut its dividend by more than 65%, weeks after implementing cost-saving initiatives. (CNBC)
- Mortgage rates in the U.S. just hit their highest level since November. (Reuters)
- Why UBS downgraded Logitech stock.
- Alcoa stock popped after a bull note.
- Palo Alto Networks scored another profitable quarter.
Oil Futures Fall for Sixth-Straight Session
Oil futures posted their sixth-straight loss today, as investors worried that the Fed will continue to tighten its monetary policy. Specifically, April-dated crude, the now most active contract, lost $2.41, or 3.2%, to settle at $73.95 per barrel.
Gold prices posted a modest loss as well, also weighed down by fears of the Fed's futures monetary policy moves. April-dated gold shed $1, or 0.1%, to settle at $1,841.50 per ounce today.