Markets
Here are today’s market moves:
S&P 500 down 0.08% to 4,183.18
Dow Jones down 0.48% to 33,820.38
Nasdaq down 0.28% to 14,051.03
Bitcoin: $54,923
US10Y: 1.61%
Gold: $1,784
What Happened?
The S&P 500 and Dow Jones fell on Wednesday after the Fed kept its key interest rate near zero and said it would continue to support the economic recovery with bond purchases.
Fed Chair Jerome Powell said that recent gains in inflation had been due to transitory factors and that the economy needs to make “substantial further progress” before the Fed makes any policy changes.
Stocks are sitting near record highs as earnings season has been going better than expected and economic data shows signs of recovery in the economy.
The main concern among investors right now is Biden’s plan to increase taxes on the wealthy and rising coronavirus cases in India.
What Else?
This Week
Monday: Earnings expected from Tesla.
Tuesday: Earnings expected Google, Microsoft, Pinterest, Starbucks, and UPS.
Wednesday: Earnings expected from Apple, Facebook, Spotify, and Shopify; Fed conference.
Thursday: Earnings expected from Amazon, Mastercard, Nio, and Twitter; Weekly jobless claims.
Friday: Earnings expected from Chevron and Exxon Mobil.