Stock indices finished today’s trading session mixed after the Federal Reserve held interest rates steady, as expected. The Nasdaq 100 (NDX) and the S&P 500 (SPX) fell 0.7% and 0.34%, respectively, while the Dow Jones Industrial Average (DJIA) gained 0.23%.
The central bank’s decision was influenced by the belief that progress in bringing down inflation has stalled, prompting a longer wait-and-see approach. Additionally, the Fed announced a reduction in its quantitative tightening efforts, decreasing the monthly removal of money from the economy from $60 billion to $25 billion.
In economic news, the Bureau of Labor Statistics released its JOLTs Job Openings report for March, showing 8.488 million job openings, below expectations. This marks a decline from the previous report and indicates a downward trend in job vacancies since May 2022.
On a positive note, Automatic Data Processing (NASDAQ:ADP) released its Nonfarm Employment Change report, revealing an increase of 192,000 jobs in April, surpassing expectations. The leisure and hospitality industry played a significant role in this growth.
Looking ahead, investors are awaiting earnings reports from companies like Qualcomm (QCOM) and Mastercard (MA). The Federal Reserve’s interest rate decision and April’s jobs report are also key factors driving market sentiment this week.
In global markets, Asia-Pacific indices dropped as investors awaited the U.S. Federal Reserve’s rate decision. Japan’s Nikkei and Topix indices were down, while China’s financial markets were closed for the Labor Day holiday.
Overall, today’s trading session reflected a mix of economic data and corporate earnings reports influencing market movements. Stay tuned for more updates on economic insights and market trends.
