U.S. stocks demonstrated gains on Wednesday as investors eagerly awaited the latest policy decision from the Federal Reserve.
The Dow Jones Industrial Average saw a slight increase of 23 points, approximately 0.07%. Meanwhile, the S&P 500 experienced a 0.2% rise, and the Nasdaq Composite advanced by 0.3%.
Shares of Pfizer, a renowned pharmaceutical company, faced a setback, plummeting over 8% and reaching a 10-year low. The decline followed Pfizer’s issuance of profit and revenue forecasts that fell below Wall Street expectations. Additionally, Tesla’s stock slipped 1.4% due to a recall of 2 million vehicles based on regulatory concerns surrounding its Autopilot system.
While it is widely anticipated that the central bank will maintain the benchmark overnight borrowing rate within the range of 5.25% to 5.5%, investors will carefully analyze Fed Chair Jerome Powell’s commentary for indications of when potential rate cuts could occur. According to the CME FedWatch Tool, market expectations currently suggest the possibility of rate cuts beginning in the spring of next year.
Source (CNBC)
