{"id":15104,"date":"2023-09-21T09:52:51","date_gmt":"2023-09-21T09:52:51","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/stocks\/stock-market-today-dow-falls-as-feds-hawkish-pause-puts-big-dent-in-big-tech\/"},"modified":"2023-09-21T09:52:52","modified_gmt":"2023-09-21T09:52:52","slug":"stock-market-today-dow-falls-as-feds-hawkish-pause-puts-big-dent-in-big-tech","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=15104","title":{"rendered":"Stock Market Today: Dow falls as Fed’s hawkish pause puts big dent in big tech"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Investing.com — The Dow closed lower Wednesday, as surging Treasury yields put the squeeze on big tech after\u00a0the Federal Reserve left interest rates unchanged, but leaned into higher-for-longer rate regime.\u00a0 \u00a0\u00a0<\/p>\n

The fell 0.2%, 76 points, fell 1.5%, and the\u00a0 fell 0.9%.<\/p>\n

Federal Reserve skips rate hike, but leans into higher-for-longer stance<\/h2>\n

The Federal Reserve kept rates steady on Wednesday, and kept its forecast for one more rate hike this year, but signaled a higher-for-longer rate regime by\u00a0reining in the number of rate cuts for next year.\u00a0<\/p>\n

“The bottom-line is that the Fed is embracing the ‘higher for longer’ approach to getting inflation down to target,” Jefferies said in a note.<\/p>\n

Powell attributed the more hawkish path to recent strength in the economy that threatens to boost inflation.\u00a0 \u00a0\u00a0<\/p>\n

“The stronger economic activity means that we have to do more with rates,” Powell said, addressing a question on why the Fed reduced the number of rate cuts for next year.\u00a0\u00a0<\/p>\n

Treasury yields rebound to close at more than decade highs to pressure big tech<\/h2>\n

Treasury yields including the and yields cut intraday losses and surged to close at fresh cycle highs after the Fed decision.<\/p>\n

The 2-year Treasury yield, which is more sensitive to interest rate decisions, closed at 5.120%, the highest level since 2006, after falling to a low of 5.049% on the day.<\/p>\n

Growth sectors of the marketing including big tech came under pressure from rising Treasury yields, paced by a more than 3% in Alphabet (NASDAQ:).<\/p>\n

Meta Platforms (NASDAQ:) and Apple (NASDAQ:) fell 1%.<\/p>\n

Instacart slumps, giving up debut gains<\/h2>\n

Instacart ( Maplebear <\/span><\/span> Inc.) (NASDAQ:) fell more than 10% to end the day just above its IPO price of $30.<\/p>\n

\u00a0The online grocery delivery platform made its stock market debut on Tuesday, rising as much as 40% on initial trading before ending the day up 12%. \u00a0<\/p>\n

The wobble in the stock comes just as analysts at Needham started coverage on the stock with a hold rating, citing rising competition and slowing online grocery sales.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Investing.com — The Dow closed lower Wednesday, as surging Treasury yields put the squeeze on big tech after\u00a0the Federal Reserve left interest rates unchanged, but leaned into higher-for-longer rate regime.\u00a0 \u00a0\u00a0 The fell 0.2%, 76 points, fell 1.5%, and the\u00a0 fell 0.9%. Federal Reserve skips rate hike, but leans into higher-for-longer stance The […]<\/p>\n","protected":false},"author":1,"featured_media":15105,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[37],"tags":[],"class_list":{"0":"post-15104","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stocks"},"yoast_head":"\nStock Market Today: Dow falls as Fed's hawkish pause puts big dent in big tech | Prosfunds<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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