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<US>DJIA Closes Down 768 Pts, Hits New Low YTD, as Fed Puts Rate on Hold
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The Federal Reserve announced on Wednesday that it would keep its key interest rate unchanged. While the central bank forecasts inflation to ease this year, the progress is slower than expected, Chairman Jerome Powell conceded at a press conference, adding the Iran war has led to a surge in oil prices, which was expected to exacerbate inflation in the short term. Subsequently, US stocks logged deeper downswing, with the DJIA slumping 768 points or 1.6% to 46,225, marking a new closing low for the year. The S&P 500 sank 91 points or 1.4% to 6,624. The Nasdaq slid 327 points or 1.5% to 22,152. Amazon (AMZN.US) joined forces with OpenAI in a deal worth USD50 billion, and Microsoft (MSFT.US) reportedly considered legal action, claiming the deal may violate its exclusive cloud cooperation agreement with OpenAI. Amazon led the decline among the seven major tech stocks, losing 2.5% for the day, while Microsoft lost 2%. NVIDIA (NVDA.US) reportedly received government approval to sell its H200 chips in China, with NVIDIA's stock price down 0.8%. AASTOCKS Financial News Website: www.aastocks.com |
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