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Stocks Rebound Following Their Worst Day Of 2023, And The Fed Will Release Its Minutes Soon: Constant Updates

While the market attempted to recover from its worst day of the year, stocks increased marginally on Wednesday. Meanwhile, traders prepared themselves for the Federal Reserve’s most recent meeting minutes and more information about the central bank’s planned rate hikes.

By 40 points, or 0.1%, the Dow Jones Industrial Average increased. The S&P 500

and Nasdaq Composite both increased by 0.2% and 0.6%.

Palo Alto Networks’ stock increased 11.1% after the cybersecurity company raised its annual profitability projection. Coinbase, a cryptocurrency exchange platform, exceeded revenue projections.

Now, focus turns to the Fed minutes, which will be released on Wednesday. Investors will examine the findings in search of clues about the central bank’s future course of rate hikes and its most recent 25 basis point increase.

Stocks experienced their worst day since 2023 on Tuesday as investors became increasingly fearful that the Fed will keep raising interest rates. Many earnings announcements, like Home Depot’s underwhelming performance, also raised questions about the state of the consumer.

2.5% of the losses on Tuesday were headed by the Nasdaq, while the S&P 500

down 2%. The Dow fell 2.06% and finished the year in the red. Consumer discretionary was the main contributor to the decline in all significant S&P sectors.

The 10-year Treasury note’s yield increased throughout the day, reaching its highest level since November, which added to the market’s jitters. On Wednesday, Treasury yields modestly decreased.

James Bullard, president of the St. Louis Fed, issued a warning on Wednesday, saying that the central bank’s battle against inflation is far from over.

“The phrase “let’s slow down and feel our way to where we need to go” has gained popularity. During a live “Squawk Box” interview, Bullard stated, “We still haven’t arrived at the point where the committee established the so-called terminal rate. “After you reach that point, use your senses to navigate and determine what needs to be done. Since the following move could be up or down, you’ll know when you’re there.

Source (CNBC)

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