The Fed kept interest rates steady, but Jerome Powell's comments gave stocks a boost
The central bank voted to hold rates steady, with no hints as to cuts any time soon, as inflation data remains stubborn. However, Federal Reserve Chairman Jerome Powell's statement expressing the unlikelihood of a hike injected some optimism into Wall Street later in the day. Fresh off April losses for all three major benchmarks, the Dow added 87 points to kick off the month -- but pared gains from its session highs -- while the S&P 500 and Nasdaq finished modestly lower amid a volatile session.
Continue reading for more on today's market, including:
- A look at DraftKings stock ahead of tomorrow's report.
- CVS Health stock crashes as higher medical costs dent profits.
- Plus, election year analysis, and two post-earnings reactions to unpack.
5 Things to Know Today
- A new exchange-traded fund (ETF) helps eliminate risk by using "flex" call options. (MarketWatch)
- Key takeaways from the Fed's interest rate decision. (Bloomberg)
- Will "sell in May and go away" hold true this year?
- Options traders target Pinterest stock after forecast hike.
- Starbucks stock hit with bear notes after earnings.
Oil Falls After Rise in Weekly Crude Supplies
Oil prices moved lower, after U.S. data showed a surprise climb in weekly crude inventories of 7 million barrels. West Texas Intermediate (WTI) crude fell $2.93, or 3.6%, to $79 a barrel.
Gold prices inched higher after the latest Fed decision, with June-dated gold futures adding 0.4% to settle at $2,312.70 per ounce.