The Dow Jones Industrial Average closed sharply lower on Wednesday after the Federal Reserve delivered a split decision to hold interest rates steady, amid inflation concerns. The Dow ended at 51,594.14, down 1,153.18 points, or 2.19%. The S&P 500 closed at 7,316.15, down 112.63 points, or 1.52%. The Nasdaq finished at 24,442.94, down 433.97 points, or 1.74%. Artificial intelligence-linked chip stocks fell ahead of earnings reports from Microsoft and Meta Platforms. European markets closed lower, with the STOXX 600 down 0.29%, while London's market closed up 0.34% after hitting a record intraday high, boosted by energy stocks. West Texas Intermediate crude surged more than 6% to settle at 84.46 dollars a barrel on concerns that Middle East tensions could disrupt oil supply. COMEX gold futures edged slightly lower to settle at 4,036.30 dollars an ounce. The US dollar weakened against major currencies, with the dollar index falling 0.52% to 100.886.
Meta Platforms Inc.Fed rate hold and inflation concerns weigh on tech stocks ahead of earnings.
Microsoft CorporationFed rate hold and inflation concerns weigh on tech stocks ahead of earnings.