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Stocks Shrink as Investors Await Fed Verdict; General Mills Boasts Strong Earnings Performance

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Market Overview

The stock market saw a modest dip this morning as investors eagerly anticipated the Federal Reserve’s forthcoming interest rate decision.

At the bell, the Dow gently slipped 0.01% to 39,106.88, the NASDAQ followed suit, dropping 0.06% to 16,157.27, and the S&P 500 ticked down 0.02% to 5,177.26.

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Sector Performance

In a market of whispers and rustles, utility stocks managed to rise by 0.5% today, while energy shares wilted by 0.5%.

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General Mills Shines Bright

General Mills, Inc. (GIS) recently showcased its prowess with an earnings report that outshined expectations for the fourth quarter.

The company reported a 1% year-on-year sales growth to $5.099 billion, outshining the estimated $4.962 billion. Adjusted EPS came in at $1.17, exceeding the consensus of $1.05.

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Stocks on the Rise

ETAO International Co., Ltd. (ETAO) saw a meteoric rise of 106% to $0.2950 following a reverse stock split announcement.

XTL Biopharmaceuticals Ltd. (XTLB) surged 78% to $1.83 after revealing plans to acquire The Social Proxy, while TruGolf Holdings, Inc. (TRUG) climbed 65% to $1.8998 upon announcing an expanded AI technology licensing deal with mlSpatial.

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Stocks on the Decline

Lifecore Biomedical, Inc. (LFCR) saw a 35% drop to $4.65 after a strategic evaluation process and related management and board changes.

NuScale Power Corporation (SMR) dipped 24% to $5.01 after a Wells Fargo downgrade, and Momentus Inc. (MNTS) fell 21% to $0.4715 despite a prior spike following a US patent grant.

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Commodity Update

Oil prices slid 2.1% to $81.73, while gold ticked up 0.1% to $2,161.60.

Silver ticked down 0.2% to $25.075, and copper fell 0.4% to $4.0565 on Wednesday.

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Global Market Check

European markets showed mixed signals as the STOXX 600 advanced 0.1%, the FTSE 100 inched up 0.1%, and Spain’s IBEX 35 rose 0.4%. Yet, the DAX and CAC 40 stumbled 0.1% and 0.6%, respectively.

Meanwhile, production dipped in Italy and German producer prices fell, where UK producer prices rose and inflation rates softened in February.

In Asia, Hong Kong’s Hang Seng Index rose 0.08%, China’s Shanghai Composite Index climbed 0.55%, and India’s S&P BSE Sensex gained 0.1% as The People’s Bank of China kept benchmark lending rates unchanged.

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Economic Outlook

U.S. mortgage applications slipped 1.6% while crude oil inventories decreased by 1.952 million barrels, a stark contrast to the expected gain of 0.013 million barrels.

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