Equity Markets Mixed After Fed Keeps Rates Steady

MT Newswires Live
08 May

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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