The S&P 500 closes in negative territory, and megacap momentum stocks drag the tech-heavy Nasdaq down more than 1% on Wednesday, April 5.
“The Fed did what it wanted. The economy is slowing down. It’s working,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. “There’s a lot of thought out there that they might have overdone it.”
At last glance, financial markets are pricing in a 57% likelihood that the central bank will let its key interest rate stand at its still-restrictive 4.75%-5% range at the conclusion of itsThe Dow Jones Industrial Average rose 80.34 points, or 0.24%, to 33,482.72; the S&P 500 lost 10.22 points, or 0.25%, at 4,090.38; and the Nasdaq Composite dropped 129.47 points, or 1.07%, to 11,996.86.
Treasury yields slipped further, with the benchmark 10-year yield touching lows last seen in September as the soft economic reports supported the notion of a “Fed pause.”
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