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Dow tumbles more than 750 points to new closing low for 2026, fueled by inflation woes; Fed holds steady on rates CNBCDow slides nearly 800 points after Fed meeting amid oil inflation USA TodayStock market today: Dow, S&P 500, Nasdaq slide as Federal Reserve holds rates steady Yahoo FinanceFed Meeting Today: Stocks Fall After Powell Voices Inflation Worries — Live Updates WSJ
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Federal Reserve Chair Jerome Powell is due to speak Wednesday on the economy and interest rates for the time since the start of the Iran conflict.
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Fed meeting live updates: FOMC holds rates steady as oil prices soar Business InsiderFed keeps rates on hold, signals one rate cut as Iran war stokes uncertainty AxiosWhat to Watch at the Federal Reserve's March Meeting The New York TimesExpectations for the next Fed rate cut get pushed back after hot inflation report CNBC
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Most officials at the U.S. central bank still expect at least one quarter-point cut to interest rates this year.
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Federal Reserve issues FOMC statement Federal Reserve Board (.gov)Here's what changed in the new Fed statement CNBCUS Fed keeps interest rates steady amid economic, geopolitical uncertainty Al JazeeraFederal Reserve holds interest rates steady as Iran war upends the economic outlook. The New York
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See how the central bank's interest rate stance influences car loans, credit cards, mortgages, savings and student loans.
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Futures markets took any realistic chance of a cut off the table until at least December.
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Stocks stabilized Wednesday after Tuesday's hotter-than-expected inflation data sparked Wall Street's worst selloff in over two years.
Inflation remained in focus today with the early morning release of the producer price index (PPI) for August. Similar to yesterday's consumer price index (CPI), the PPI - which measures what suppliers are charging for goods and services - rose at a slower annual clip in August than it did in July. However, on a month-over-month basis, both PPI and core PPI, which excludes energy and food prices, were up from July's figures.
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"There is a divergence in headline and core inflation building, where headline is cooling and core is heating up," says Jamie Cox, managing partner at Harris Financial Group. "That's an odd phenomenon and likely influenced by the shift from goods to services post-pandemic. The Fed should proceed with caution and not hit the emergency brake on rate hikes."
While yesterday's selling was broad-based, today's action was more mixed. In terms of sector performance, real estate (-1.2%) and materials (-1.2%) were the biggest laggards, while energy ( 2.8%) outperformed as U.S. crude futures rose 1.3% to settle at $88.48 per barrel.
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As for the major indexes, the Nasdaq Composite ended up 0.7% at 11,719, while the S&P 500 Index ( 0.3% at 3,946) and the Dow Jones Industrial Average ( 0.1% at 31,135) also finished with mode
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