Equity Alert
US mkts end mostly dn Wed; Fed holds rates steady as expected
This story was originally published at 08:29 IST on 30 April 2026
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Equity Alert: US mkts end mostly dn Wed; Fed holds rates steady as expected
MUMBAI--0755 IST--US indices ended mostly lower on Wednesday with the Dow Jones Industrial Average closing lower than its peers, and in the negative for the fifth consecutive session. The US Federal Reserve held the benchmark interest rate steady reflecting market expectations, even as the decision came from a divided Federal Open Market Committee. Inflationary concerns persisted as crude oil prices climbed to nearly $120 per barrel.
The Federal Open Market Committee voted to hold the interest rates steady between 3.5–3.75%. Markets had priced in a 100% chance of no change in the rate. However, the Committee was at its most divided since 1992 with an 8-4 vote as four officials expressed dissenting views for varying reasons.
Meanwhile, incumbent Chair Jerome Powell said he would remain on the Board of Governors indefinitely even after his term as governor ends on May 15 until investigations regarding the renovation of the central bank's headquarters are concluded.
"With Powell choosing to stay on as a Fed governor, those in favor of cuts, including incoming Chair Kevin Warsh, are in the minority. Warsh is going to have a hard time convincing a majority to cut rates," Sonu Varghese, global macro strategist at Carson Group told CNBC in an email.
The earnings of four of the US Magnificent Seven technology majors came out post market hours on Wednesday. Shares of Meta fell modestly following the company's earnings report amid disappointing user growth. Shares of Microsoft closed over 1% lower even after the company beat estimates for its top and bottom line. Alphabet added 7% soon after beating revenue expectations, though it gave up these gains before closing marginally lower, while Amazon shares advanced over 1% on a surge in cloud computing revenue.
Following were the closing levels of major US indices on Wednesday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
48861.81 | -0.57 |
|
NASDAQ Composite |
24673.241 | 0.04 |
|
S&P 500 |
7135.95 | -0.04 |
(Shruti Nair)
US$1 = INR 94.84
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Vandana Hingorani
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