US stocks slipped Wednesday after the Federal Reserve held its main interest rate steady and broke a run of cuts that began in September.
- The S&P 500 fell 28.39 points, or 0.5%, to 6,039.31.
- The Dow Jones Industrial Average fell 136.83 points, or 0.3%, to 44,713.52.
- The Nasdaq composite fell 101.26 points, or 0.5%, to 19,632.32.
Treasury yields held relatively steady following the Fed's announcement, which could hint at interest rates staying on hold for a while, the
AP reports. Lower rates would help the economy by making it cheaper for US households and companies to borrow, but they could also give inflation more fuel.
Nvidia sank again to continue its shaky week after DeepSeek upended the AI industry. The company fell 4% Wednesday after plunging nearly 17% Monday and then jumping nearly 9% Tuesday. It was the single heaviest weight dragging the S&P 500 lower, by far. Meta, Microsoft, and Tesla all fell ahead of their profit reports, which were due to be released after trading ended for the day. Analysts are likely to ask them about whether DeepSeek's discovery will mean lower investment from them in building out AI. Life sciences, biotechnology, and diagnostics company Danaher fell 9.7% after reporting results for the latest quarter that just missed analysts' expectations.
On the winning side of Wall Street, Starbucks rose 8.1% after delivering a better profit for the latest quarter than analysts expected. CEO Brian Niccol said the chain is planning to cut its food and beverage offerings by 30% over the course of this year to simplify operations and speed service. T-Mobile US rallied 6.3% after topping Wall Street's expectations for both profit and revenue in the last three months of 2024. Brinker International jumped 16.3% after the company behind Chili's restaurants delivered better results than expected. Frontier Group Holdings climbed 5.3% after announcing it would try for a second time to merge with Spirit Airlines. (More stock market stories.)
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