Dow Jones Index Drops as Federal Reserve Maintains Rates Dow Jones Index Drops as Federal Reserve Maintains Rates

Actionable Trade Ideas

always free


U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling around 1.5% on Wednesday.

The Dow traded down 0.21% to 38,384.83 while the NASDAQ fell 1.53% to 15,272.34. The S&P 500 also fell, dropping, 1.02% to 4,874.63.

Market Sector Performance

Real estate shares rose by 0.7% on Wednesday.

In trading on Wednesday, communication services shares fell by 3.3%.

Federal Reserveโ€™s Decision

The Federal Reserve maintained interest rates betweenย 5.25%ย andย 5.5%ย Wednesday during its first meeting of 2024,ย aligning with market predictions.

Stock Movement

Ashland Inc. ASH shares shot up 17% to $94.34 after the company reported mixed first-quarter financial results and issued guidance.

Shares of Minim, Inc. MINM got a boost, surging 65% to $4.18. David E. Lazar disclosed a 51% active stake in Minim Inc.

Equities Trading DOWN

Nuvve Holding Corp. NVVE shares dropped 59% to $1.37. Nuvve announced pricing of $9.6 million underwritten public offering of 4.8 million shares of common stock at $2.00 per share.

Shares of New York Community Bancorp, Inc. NYCB were down 36% to $6.59 after the company reported worse-than-expected fourth-quarter financial results and reduced its quarterly dividend.

Commodities Update

In commodity news, oil traded down 2.6% to $75.78 while gold traded up 0.8% at $2,068.10.

Silver traded down 0.1% to $23.20 on Wednesday while copper fell 0.3% to $3.90.

Global Market Performance

European shares were mixed today. The eurozoneโ€™s STOXX 600 rose 0.01%, Londonโ€™s FTSE 100 fell 0.47% while Spainโ€™s IBEX 35 Index rose 0.38% The German DAX fell 0.40% French CAC 40 fell 0.27% while Italyโ€™s FTSE MIB Index climbed 0.40%.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japanโ€™s Nikkei 225 gaining 0.61%, Hong Kongโ€™s Hang Seng Index falling 1.39% and Chinaโ€™s Shanghai Composite Index dipping 1.48%. Indiaโ€™s S&P BSE Sensex, meanwhile, rose 0.86%.

Key Economic Indicators

Private businesses in the U.S. added 107,000 workers in January, compared to a revised 158,000 gain in December and versus market estimates of 145,000.

Compensation costs for civilian workers in the U.S. rose by 0.9% during the final quarter of 2023, compared to a 1.1% increase in the prior three-month period.

U.S. crude inventories increased 1.234 million barrels last week, compared to market expectations for a decline of 0.217 million barrels.

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.