New York — US stock market It’s still pretty quiet on Wednesday while Wall Street waits to hear what Federal Reserve He will say in the afternoon about the direction in which interest rates may go.
S&The P 500 index fell 0.1% but remains near its all-time high, set in October. The Dow Jones Industrial Average was up 118 points, or 0.2%, as of 10:45 a.m. ET, and the Nasdaq Composite was down 0.4%.
Among the market’s top movers was GE Vernova, which rose 9.2% after the energy company raised its revenue forecast by 2028, doubled its dividend and increased its own stock buyback program. Palantir Technologies shares rose 1.7% after the US Navy said it would use its capabilities artificial intelligence The technology is part of a $448 million program.
On the losing end of Wall Street was GameStop stock, which fell 6.1% after reporting weaker fourth-quarter revenue than analysts had expected. However, video game retailers’ profits exceeded expectations.
Cracker Barrel Old Country Store stock fell 0.3% after oscillating between gains and losses. The restaurant chain signed in a Buzz about its logo design It reported better results for the fourth quarter than analysts expected but also Lowering its revenue forecast This fiscal year, as well as a basic measure of profits.
In the bond market, Treasury yields fell slightly as the countdown approaches the Fed’s announcement at 2 p.m. ET. The widespread expectation is that it will cut its key interest rate for the third time this year in the hope of strengthening the labor market.
This prediction is so strong that US stock prices have already reached the brink of their records because of it. The most important question for Wall Street will be what Fed officials say about where they expect interest rates to head in 2026.
Wall Street was bracing for Fed officials to signal smaller interest rate cuts in 2026 than this year, perhaps fewer than the two cuts many traders are now expecting, even after lowering their forecasts.
While lower interest rates can boost the economy and raise investment prices, they can also worsen inflation.
With inflation remaining stubbornly higher Fed target 2% Fed officials are noticeably divided On whether high inflation or a slow labor market is the greater threat to the economy.
In the bond market, the yield on 10-year Treasury notes fell to 4.17% from 4.18% late Tuesday. The two-year yield, which closely tracks the Fed’s expectations, fell to 3.60% from 3.61%.
In overseas stock markets, indicators were mixed amid mostly modest moves across Europe and Asia.
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AP Business Writers Yuri Kajiyama and Matt Ott contributed.