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

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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.

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