Fed Chair Jerome Powell said the fight to contain inflation has "a long way to go"
The Federal Reserve kept interest rates unchanged this month, but suggested it expects another hike before the end of the year and anticipates fewer-than-expected cuts next year. In a statement, Fed Chair Jerome Powell said inflation "has moderated somewhat," but acknowledged that that in the fight to get inflation down to 2% there's "a long way to go."
In response, the Dow fell 77 points, while the S&P 500 and Nasdaq also closed in the red. Elsewhere, the 2-year Treasury yield hit its highest mark since 2006, while the VIX enjoyed a fourth-straight gain.
Continue reading for more on today's market, including:
- Don't buy into this travel stock's hype just yet.
- Software stock popped on loan buzz.
- Plus, oil spike implications; DG's downgrade; and what happened with Pinterest.
5 Things to Know Today
- Prominent authors, including John Grisham, George R.R. Martin, and Jodi Picault, are suing OpenAi over alleged copyright infringement. (CNBC)
- More than 58,000 pounds of ground-beef products are being recalled, in relation to a possible E. coli contamination. (MarketWatch)
- What recent oil spikes mean for Wall Street.
- J.P. Morgan Securities downgraded Dollar General stock.
- Pinterest provided impressive revenue figures.
Gold Futures Mark 5th Straight Win
Oil futures closed up shop lower Wednesday, marking a second-straight loss as prices retreat from their 2023 highs. For the session, crude for October delivery lost 92 cents, or 1%, to settle at $90.28 per barrel.
Gold futures notched a fifth-straight win after the Fed's interest rate decision. This marks bullion's longest winning streak since January. December-dated gold gained $13.40, or 0.7%, to close at $1,967.10 an ounce on the day.