The central bank maintained interest rates between 5.25% and 5.5%
The Federal Reserve refrained from hiking interest rates for a second-straight month. While the central bank did not eliminate the possibility of future hikes, it kept interest rates unchanged between 5.25% and 5.5%, noting the economy is growing at a "solid pace."
Stocks rallied in response to the largely anticipated move. The Dow and Nasdaq added triple digits, with the former securing a third consecutive daily win after yesterday finishing October with a third-straight monthly loss. The S&P 500 also settled with a notable gain, while the Cboe Volatility Index (VIX) extended its losing streak for a third session.
- Earnings beat props up pharma stock.
- Digital Realty Trust stock is a solid bullish bet.
- Plus, online dating stock slumps; chip name sounds the alarm; and hedge funds haven't done this in 5 years.
5 Things to Know Today
- Prosecutors said in their closing arguments that former CEO of cryptocurrency exchange Sam Bankman-Fried built his empire on a "pyramid of deceit." (CNBC)
- CVS Health (CVS) issued a disappointing outlook for 2024 and lowered its profit guidance for 2023, despite beating estimates for the third quarter. (MarketWatch)
- Online dating stock dinged after dismal forecast.
- Weak sales outlook dings Advanced Micro Devices stock.
- What happens to stocks when large speculators are long.
Gold, Oil Prices Start November With Losses
Oil prices settled lower today, erasing earlier gains to mark a third-straight daily loss. A substantial increase to U.S. oil production weighed on the commodity. December-dated West Texas Intermediate (WTI) crude lost 58 cents, or 0.7%, to close at $80.44 a barrel.
Gold prices finished firmly lower as well, as Wall Street unpacked the Fed's interest rate decision. December-dated gold shed $6.80, or 0.3%, to close at $1,987.50 an ounce for the day.