Equity Markets Mixed After Fed Keeps Rates Steady

MT Newswires Live
05-08

US benchmark equity indexes are on track to close mixed on Wednesday, after the Federal Open Market Committee maintained the federal funds rate between 4.25% to 4.5%.

The Dow Jones Industrial Average gained 0.4% to 40,973.30, while the Nasdaq Composite declined 0.6% to 17,590.44. The S&P 500 was down 0.2% to 5,597.95. Health and consumer discretionary sectors posted the highest gains, while communication had the steepest decline.

Charles River Laboratories (CRL) shares were up 18%, the top gainer on the S&P 500. The company said Wednesday it plans to undertake a strategic review of its business, including assessing alternatives to enhance long-term stockholder value.

Rockwell Automation (ROK) was the second-best performer on the S&P 500, up 12%, after the industrial automation company raised its full-year earnings guidance as its fiscal second-quarter results came in above Wall Street projections.

Alphabet's (GOOG, GOOGL) shares sank 8.2%, the steepest decline on the Nasdaq and S&P 500. Apple (AAPL) is planning to restructure the Safari web browser on its devices to focus on artificial intelligence-run search engines, Bloomberg reported Wednesday, citing a company executive's testimony in a government lawsuit against Alphabet.

The 10-year US Treasury yield dropped 3.8 basis points to 4.3%, while the two-year rate was down 0.2 basis points to 3.8%.

June West Texas Intermediate crude oil was down 1.9% to $57.95 a barrel.

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