Mixed shares after the Fed left its interest rates unchanged

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Here are 3 things to know about stocks right now

  • The Dow Jones Industrial Average index entered negative territory on Wednesday after the US Federal Reserve decided to leave interest rates unchanged.
  • FedEx (FDX) fell 4.8% after the shipping company lowered its profit forecast for fiscal 2019 for the second time in three months.
  • General Mills (GIS) announced third quarter financial results exceeding expectations. Shares rose 3.2%.

Wall Street: overview

Shares were mixed on Wednesday after the US Federal Reserve decided to leave interest rates unchanged in the range of 2.25% to 2.5% and revise downward its expected rate path to signal that no rate hike would be likely in 2019.

This decision was widely anticipated after central bank officials led by President Jerome Powell announced in January that they would end their three-year campaign to tighten monetary policy because of the slowdown in the economy. US economy.

The Dow Jones Industrial Average Index was down 24.91 points, or 0.11%, to 25,859, while the S & P 500 Index was up 0.09% and the Nasdaq up 0.38%.

"No surprise on the rate front today, but it's interesting to hear the Fed echo what the market is already believing: we will not see rates going down this year," said Mike Loewengart. , Vice President of Investment Strategy at E-Trade Financial. "We have also received further clarification on the balance sheet, and it is even more telling that they are starting to pull that extra leverage, which establishes a steadfastly accommodative stance for the Fed."

Stocks were lower Wednesday earlier after President Trump said China's tariffs could last a long time.

"We are not talking about deleting (tariffs), we are talking about leaving them for a long time, because we have to make sure that if we reach an agreement with China, China will respect the agreement," Trump said. to the press. Wednesday. He also added, however, that an agreement with China "was going well".

Trump's comments came a day after China could postpone US trade demands before the Beijing meeting, which should include US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

World oil prices jumped on Wednesday after the US energy and information administration recorded a larger-than-expected drop in domestic inventories for a second week in a row. West Texas Intermediate crude oil rose 1.5% to $ 59.91 per barrel.

FedEx (FDX) fell after the company lowered its earnings guidance for fiscal 2019 for the second time in three months after posting weaker-than-expected third quarter results. Shares fell 4.8% to $ 172.79.

Advanced Micro Devices (AMD) grew after Google's parent company, Alphabet (GOOGL), announced that it would use Radeon GPUs and chip maker development tools in Google's new video game streaming service. , Stadia. The shares fell slightly to $ 25.85.

At the same time, EU competition regulators have fined Alphabet € 1.49 billion ($ 1.7 billion) for unjustifiably restricting the possibility for its competitors to run ads on its platform via third parties using its AdSense tool. Alphabet shares rose 1.8% to $ 1,224.51.

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