Highlights
Stock indexes seesawed around unchanged to end nearly flat Wednesday with the major indexes holding just below all-time highs. There was not much reaction to an as-expected no rate change announcement from the Federal Reserve and a generally noncommittal outlook on rates from the Fed.
The Dow Jones industrial average firmed 0.1 percent and the S&P 500 was down 0.1 percen. The S&P 500 briefly moved above 7000 for the first time after setting a record high Tuesday. The Nasdaq firmed 0.2 percent. US Treasury yields were mostly lower. Oil prices and the dollar gained.
Upward momentum among megacaps stalled Wednesday after gains this week ahead of big earnings news due after the close from Microsoft, Meta and Tesla. Energy shares outperformed on rising oil prices.
Definition
Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.
Description
Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.